Prices of Silver Pull Back

Wayne Lin

1/9/2019 10:12:34 AM

Daily Gold & Silver Market Report – 1/7/2018

After seeing upward movement in Silver prices, the gray metal appeared to test the $15.50 per ounce breaking point.  This is a good sign for investors and traders because this trend could continue for days to come. There is significant pressure on the U.S dollar, which is benefiting not just from Silver but other metals too. This rise in prices is a good sign, but because it as a new year, volatility can be drastic. Small gains may become large losses and small losses could turn into large gains.  “Silver had a good day on Tuesday, even though it fell. This is because not only did we pull back, but we also managed to find support,” (FX Empire). That support came in the face of bullish pressure which is normally a good sign for traders.

Gold Flat as Traders Move to Riskier Assets

Gold prices ended up relatively flat Wednesday. “The U.S.-China trade meetings were originally scheduled for two days but were extended to a third day…a sign that both sides are serious,” (Investing.com) This could be a good sign for the yellow metal. March 1 is the deadline to make a deal before the U.S. plans to increase tariffs on Chinese goods.  At that point, if no deal is made, it could be problematic in understanding what the price of Gold is going to do because there is major uncertainty on what will happen to the dollar is the tariffs are increased. Even though Gold was flat, it did not prevent investors from moving into riskier assets.  There are still a plethora of unknowns with the trade war going on with China and what the dollar will do if the tariffs are increased, but if the prices of metals continue to stay flat or go up, it might be a good time to purchase some metals.

At 10:35 a.m. (ET), the APMEX Gold and Silver spot prices were:

• Gold, $1,294.60 Up $7.00
• Silver, $15.82 Up $0.08
• Platinum, $826.50 Up $5.70
• Palladium, $1,340.40 Up $17.00

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