Weekly Market Reports

Gold Sinks as U.S. Economic Data Boosts Dollar

Daily Gold & Silver Market Report – 3/12019

  • Gold spot price sinks as dollar firms up.
  • Palladium upswing could save South African mining industry. 
  • Facebook rumored to have Bitcoin rival in development.

The price of Gold sank to two-week lows Friday morning as the U.S. dollar gained strength from positive economic data. The losses for Gold were minimized, however, by ongoing support from safe-haven asset seekers amid concerns of an overall economic slowdown. At 8:00 a.m. (ET), spot Gold traded at $1,308.30 per ounce, down from $1,327.19 just 24 hours earlier. A Reuters report published by Nasdaq states the U.S. dollar recovered from three-week lows, working up to a 10-week high compared to the yen and “marginally higher against major currencies.”

A report from the U.S. Commerce Department showed Q4 economic performance last year helped the GDP to a 2.9 percent increase, just missing the 3 percent target. Analyst Benjamin Lu stated, “Gold is still fundamentally supported for the longer term despite the bearish pressures we see for now due to slight rise in bond yields and a firm dollar.” Lu goes on to observe a broad variety of economic weaknesses are likely contributing to Gold’s consistent levels of support.

Palladium Price Upswing Continues to Boost Mining

South African mining has traditionally relied on Platinum as a primary revenue stream. However, as prices have sharply declined in recent years, sister metal Palladium is taking a leading role in a turnaround of fortunes for miners. Palladium recently reached a record high price of more than $1,500 per troy ounce, quite a feat considering it sold for $500 per ounce just a few years ago. African news source Mail & Guardian reports some mining companies in South Africa have “started to come up for air” as the diminishing value of Platinum has led to significant cost-cutting and changes to the industry. Palladium is primarily used as a component in automobile catalysts, and demand from car and truck manufacturers has exceeded supply levels for several years.

Facebook Rumored to Have Bitcoin Rival in Development

Social media giant Facebook may be close to launching its own cryptocurrency to WhatsApp users. The New York Times reports this Bitcoin rival could be released within a matter of months. According to an article in the UK’s Independent, about 50 Facebook team members are secretly developing the cryptocurrency in a project that began in May of 2018. While much of the news regarding this new crypto comes from anonymous sources, it has been said Facebook's “stablecoin” would be linked to other currencies to prevent volatility. While it seems WhatsApp is the intended distribution channel for the cryptocurrency, the company has confirmed plans to merge the platform with Instagram and Messenger. This integration would mean billions of people would have access already installed on their smartphones.

At 10:03 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,3013.80 Down $3.20
  • Silver, $15.56 Down $0.12
  • Platinum, $873.30 Down $3.90
  • Palladium, $1,560.40 Up $8.90

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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.

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