Silver Sees Highest Gain in 5 Weeks
APMEX
12/12/2018 1:23:06 PM
Daily Gold & Silver Market Report – 12/12/2018
- Gold prices stable after U.S. inflation report.
- Palladium on track for continued strength.
- Silver reaches five-week high.
Silver futures for March delivery were trading higher Wednesday morning, achieving the best price levels of the last five weeks. Michael Seery, principal analyst at Seery Futures, writes on Inside Futures that “Silver prices are now trading above their 20 and 100
Gold Prices Keep Foothold After Inflation Data Release
Following a report showing U.S. inflation rates remained flat in November, Gold futures traded higher Wednesday morning for their first gain in the last three sessions. February Gold futures rose, as did Silver for March delivery. MarketWatch observed Gold has recently taken many of its cues from the U.S. dollar and expectations about Federal Reserve interest rate hikes. Analysts this week forecast a less aggressive approach from the Fed over the next few months. Weakening U.S. dollar indexes this week also support other commodities, including all Precious Metals, as a lower dollar gives international traders increased value on dollar-traded assets.
Carlo De Casa, chief analyst for ActivTrades, told MarketWatch, “Despite two days of decline, Gold is still hanging above $1,240. This confirms the positive picture for bullion, which is standing above $1,235 even with the greenback gaining ground in the last two sessions.” While some key Wall Street stocks traded higher Wednesday morning, many analysts are still concerned about the overall future of the economy. The recent stock market volatility is helping maintain support for Gold, known by many as an essential safe-haven investment during uncertain times.
Palladium Continues Winning Streak
An often-overlooked Precious Metal, Palladium is on track to be one of the biggest winners in 2018. Spot prices for this Platinum Group Metal have been consistently solid for much of the year and supply levels remain low. As of 12:35 p.m. (ET) Wednesday, Palladium was up $15.80 to $1,268.10 per ounce, exceeding the current price of Gold. Primarily used in the catalytic converters of fuel-cell cars and trucks, the current spot price is more than double the average value seen in 2016, according to Coin World. Almost 40 percent of the world’s Palladium is mined and produced in Russia. During a Palladium shortage in 2001, Russia increased production to meet demand, but the report suggests that may not be the case in 2019.
At 2:15 p.m. (ET), the APMEX Gold and Silver spot prices were:
- Gold, $1,247.00 Up $2.30
- Silver, $14.83 Up $0.20
- Platinum, $806.20 Up $17.70
- Palladium, $1,267.90 Up $15.60
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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
