Weekly Market Reports

Gold Price Up After Trump’s National Emergency Speech

Daily Gold & Silver Market Report – 2/15/2019

  • The price of Gold and all Precious Metals get boost from Trump's morning speech.
  • The outlook for Gold prices in 2019 brightens amid changing inflation expectations.
  • JPMorgan Chase announces its own cryptocurrency.

In a televised speech Friday morning, U.S. President Donald Trump declared a national emergency, calling for the construction of a southern border wall. Following the speech, Precious Metals prices saw a brief setback, then substantial upward movement. As of 12:15 p.m. (ET), Gold was trading at $1319.30 per troy ounce. Platinum, which has been the weakest of the Precious Metals this year, was up $10.70 and Palladium shot up $21.00 per troy ounce. The New York Times reports Trump plans to sign a declaration of emergency to protect the United States from the inbound flow of drugs and human criminals from Mexico. “We’re going to confront the national security crisis on our southern border and we’re going to do it one way or the other,” Trump said.

In his speech, the U.S. President also addressed the pending resolutions of a trade war with China. He expressed confidence that a deal would soon be reached, stating a firm agreement had been made with the U.K. and a desire to find a mutually beneficial plan with the Chinese government. Precious Metals, especially Gold, commonly gain favor among investors during times of economic unrest. Many analysts have waited for positive news regarding trade negotiations with China, but news of a national emergency seems to have trumped any new-found reasons for confidence in the economy. Members of Congress, including some from the President’s own party, have already expressed dismay regarding this morning’s speech.

2019 Outlook for Gold Gets Even More Bullish

The price of Gold rebounded from a monthly low following data about a contracting U.S. economy. U.S. retail sales have slipped 1.2 percent while industrial products surprisingly went down 0.6 percent, as cited by DailyFX. Additional data also appears in the article, stating a recent University of Michigan Confidence survey reflects narrowing 12-month inflation expectations. These numbers led some analysts to predict even more Federal Reserve officials will likely support the “wait-and-see approach” to monetary policy. The article goes on to state, “In turn, waning expectations for higher U.S. interest rates should continue to heighten the appeal of Gold, and the Precious Metal may stage a larger advance over the coming days as a bull-flag formation appears to [be] panning out.”

JP Morgan Chase Announces Bitcoin Rival

Thursday, financial establishment JPMorgan Chase announced JPM Coin, the first cryptocurrency backed by a bank in the United States. In the short-term, Chase plans to use JPM Coin for corporate and institutional customers, making cross-border payments and security transactions faster. The announcement stops short of laying out long-term plans, as observed by researcher Ron Shevlin in a contributor piece on Forbes. Market watchers quoted in the article believe the new cryptocurrency is intended less as a replacement for Bitcoin and more as a means for Chase to reduce its dependency on existing payment systems.

At 2:02 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,323.80 Up $6.70
  • Silver, $15.86 Up $0.14
  • Platinum, $811.00 Up $16.20 
  • Palladium, $1,441.20 Up $21.40

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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.

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