Silver Prices Don't Quite Outperform Gold
Wayne Lin
10/24/2018 9:41:56 AM
Daily Gold & Silver Market Report – 10/24/2018
Even with geopolitical events supporting Gold, Silver has yet to outperform the yellow metal. That is rather unusual, but there is more than meets the eye. "The Silver price also incorporates a less 'speculative' component than Gold. It benefits from considerable industrial demand," (Lombardi Letter). The relationship between Gold and Silver prices are normally harmonious, but in this instance Gold is by far the better performer. It has prompted concerns, but Silver has never been a Precious Metal to stay down or underperform for long. "Gold has started to regain strength because of key factors entirely rooted in its role as a safe-haven asset." Silver stands in a unique position because Gold prices have not yet seen a true rally. When that true rally happens and, by extension, Gold gets the appreciation it deserves, Silver will start to see a rally pacing itself with Gold.
Gold Inches Up, Steadies as Dollar Goes Up
Both Gold and Silver saw a rise in price but Gold saw the most-steadied performance in the face of a 3-month high. "Gold prices have gained more than 6 percent after falling to $1,159.96 an ounce in mid-August, their lowest since January last year," (CNBC). A few things may trigger an event that will force Gold and Silver to fluctuate wildly throughout the day, chief among them being British Prime Minister Theresa May's address to parliament today over her Brexit strategy. Though the U.S. dollar rebounded .3 percent, markets remain in limbo with the uncertainty of Britain's exit. A correction in the market could be forthcoming, but if May's address is conservative toward markets, the correction could be conservative too.
At 10:39 a.m. (ET), the APMEX Gold and Silver spot prices were:
- Gold, $1,233.70 Down $2.80
- Silver, $14.81 Down $0.04
- Platinum, $833.40 Down $2.20
- Palladium, $1,125.90 Down $13.90
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
