Silver Prices Take a Back Seat to Gold

Cassie Bastien

5/23/2018 12:20:48 PM

Daily Gold & Silver Market Report – 05/23/2018

It is no secret Gold and Silver spot prices have been linked for thousands of years. Both Precious Metals have industrial uses because of the physical characteristics and are also adornments symbolizing wealth and beauty. Most importantly, however, Gold and Silver are both commodities, thus hold a history as financial assets. Both tangible metals tend to move higher and lower together on price charts. However, Commodities Reporter Andrew Hecht with Seeking Alpha said, “Silver has taken a backseat to the yellow metal on the central bank scene.” Interestingly, Silver spot prices seem to have gone off on their own and many Precious Metal investors are watching whether the gray metal will show a price rally before the end of 2018.

Spot Gold Price Rally Jitters

Price charts show the value of Gold prices starting to rise early Wednesday morning, primarily due to uncertainty about trade talks between the U.S. and China boosting the Precious Metal's safe-haven appeal, says Reuters News Editor Zandi Shabalala. To no surprise, Gold prices showed signs of strength after President Donald Trump said he was not pleased with recent talks with China.  Moreover, Shabalala said, “Trump also said there was a ‘substantial chance’ his summit with North Korean leader Kim Jong Un will not take place as planned on June 12 amid concerns that Kim is resistant to giving up his nuclear weapons.” Although the price of Gold seems stuck below the $1,300 per ounce range, spot Gold was up 0.3 percent, reaching its highest market price in over a week.

Is Platinum Finally Making a Comeback?

Numismatic News believes now is a good time to invest in Platinum, especially American Platinum Eagle coins from by the U.S. Mint. Reporter Richard Giedroyc says if  the price of Platinum does not skyrocket again, “this might be a good time to dip a toe into the water.” Nonetheless, many factors can prompt a price rally. Whether this comes from a strike in South African mines, Russia withholding supply or automobile manufacturing needing more Platinum metal, we know the only certainty are the prices you can get today.

At 1:20 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,293.60 Down $1.60
• Silver, $16.5 Down $0.15
• Platinum, $903.50 Down $7.80
• Palladium, $978.20 Down $16.60

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