New Precious Metals Refinery, Recycling Plant to be Built in China

APMEX

6/18/2018 10:08:25 AM

Daily Gold & Silver Market Report – 06/18/2018

Heraeus, a German technology company with operations in a variety of innovation and entrepreneurial sectors across the globe, announced plans last week to open a Precious Metals refinery in Nanjing, China. As reported in Mining Global, the location will also operate a Platinum, Palladium and Rhodium recycling plant, as demand for these Precious Metals in China’s auto industry continues to rise. The refinery will focus on manufacturing products for the emission-control components of cars and trucks. Analysts see this announcement as a move by Heraeus to become a major player in China, who has taken a proactive stance in recent years to reduce the carbon footprint of the region.

Upcoming U.S. Market Data May Affect Gold Prices

Three significant pieces of United States market data will be released this week and all have the potential to affect the price of Gold. On Tuesday, numbers pertaining to construction and infrastructure in America will be announced, followed by a report on existing home sales Wednesday and unemployment numbers Thursday. The results of a manufacturing survey conducted by the Federal Reserve Bank of Philadelphia are also expected Thursday.

While the impact to Precious Metals prices will likely be small, significant surprises in any of these reports could lead to larger movement in value, as strength in these sectors has been linked to Gold prices in the past. (Investopedia)

Swiss Institution Voices Concerns with Bitcoin Technology

In a 24-page document released Sunday, the Bank for International Settlements published their concerns with Bitcoin and other cryptocurrency, going so far as to claim Bitcoin does not have potential to become mainstream in the financial world. Based in Basel, Switzerland, the BIS serves as a central bank for many other central banks. The lengthy article points to a “range of shortcomings” that prevents Bitcoin from meeting high investment expectations.

BIS concerns include instability and over-consumption of electricity. They also find cryptocurrencies in general to be perilously susceptible to fraud and manipulation. While many see the decentralized structure of accountability as a strength for Bitcoin, the BIS sees this as a flaw in trustworthiness that cannot be ignored. (Bloomberg)

At 11:06 a.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,281.10 Up $2.80
• Silver, $16.56 Up $0.01
• Platinum, $887.60 Down $3.20
• Palladium, $994.40 Up $4.60

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