Silver Prices May Be Ready to Rally

APMEX

7/11/2018 11:29:30 AM

Daily Gold & Silver Market Report – 07/11/2018

Peter Krauth, a resource specialist for Money Morning, believes the recent Federal Reserve interest rate hike may have been a turning point for the dipping price of Silver. With the Silver futures market bottoming out July 2, followed by spot prices falling overnight July 3, Krauth said it seemed that “anyone wanting out had sold.” He noted the weakening U.S. dollar in recent days led to a sentiment shift toward Silver investments, which signals a potential rally for prices.

Price of Platinum Quietly Moves to Lowest in a Decade

As market prices for industrial metals continue to feel the strain of new tariffs, Platinum prices fell this week to the lowest in a decade. Platinum reached its record high in March 2008 when the price rose to $2,308.80 per ounce. A report published by Seeking Alpha notes at that time, prices doubled compared to the October 2006 price of $1,059.60. After several years of ups and downs, Platinum is now seeing both lower highs and lower lows. At one point last week, the metal briefly traded below $800 per ounce.

Computing Power of Bitcoin Outpaces the Price

Last year, Bitcoin’s network of computers used an increasingly excessive amount of computing power to create new coins, known as the hash rate, which continues to soar. When Bitcoin prices began rising last year, from $1,000 to nearly $20,000 in December, large numbers of new miners added more and more computer power to the network.

Forbes reports while the hash rate continues to grow at a rate of more than 100 percent in the last four months, Bitcoin prices dropped by one-third. This evidence suggests even as the price shrinks, interest in the cryptocurrency is not backing down. Although Bitcoin prices moved consistently downward in recent months, the hash rate continuing to climb suggests the long-term outlook for Bitcoin prices is positive.

At 12:04 p.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,249.20 Down $8.20
• Silver, $15.91 Down $0.23
• Platinum, $835.60 Down $10.60
• Palladium, $942.60 Down $3.00

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