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Weekly Market Reports

Brexit Concerns Prop Up Gold Prices

Daily Gold & Silver Market Report – 3/18/2019

  • Brexit concerns continue supporting Gold prices.
  • All Precious Metals, including Platinum, trading up early Monday. 
  • Rate hike patience from U.S. Fed good for Silver.

On Friday, the price of Gold came back to the critical $1,300 per ounce level. This movement followed a statement by China Premier Li Keqiang suggesting more economic pressure may be ahead due to weaker manufacturing and employment numbers in the United States. Much support seems to come from ongoing Brexit concerns, which have sent worried investors toward safe-haven assets. Investing.com reports the New York Empire State manufacturing index has dipped below 10 for three months in a row, also a significant “booster” for Gold.

Several reports last week pointed to a weak U.S. economy, including increased filing for unemployment benefits and a drop in new home sales that exceeded many predictions. This type of down-turn is known to increase the appeal of risk-averse Precious Metals. At 8:50 a.m. (ET) Monday, the Gold spot price was at $1,308.69 per troy ounce. Platinum was also up, trading at $841.93.

Silver Price Up; Palladium at All-Time High

Monday morning, Silver and Palladium both traded up, along with Gold and Platinum bullion as well as the Base Metal Copper. This pricing continues a record winning streak for Palladium, trading at a $266.12 premium to Gold in early Monday trading. Silver futures remain somewhat bullish, even after a recent round of speculative selling. However, all Precious Metals are under downward pressure, according to Seeking Alpha. In a market outlook piece, strategist Boris Mikanikrezai writes current Silver prices present a buying opportunity due to the U.S. Federal Reserve’s patience regarding interest rate hikes.

“The Fed’s patience is conducive to stronger monetary demand for” Silver, Mikanikrezai writes. “It is time to embrace volatility. I continue to believe that a new uptrend in Silver prices has started since the start of the year due to a notable easing of the Fed’s tightening policy.” He goes on to point out “The Fed is cognizant of the fact that a patient attitude is warranted at this juncture in order to clearly determine whether economic risks are 'becoming reality,' as Boston Fed president Rosenberg (the most dovish among Fed officials) noted.” He feels this type of attitude will hold the U.S. dollar, and real rates, down, while sending Gold and Silver prices upward.

At 11:15 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,307.80 Up $2.20
  • Silver, $15.45 Up $0.06
  • Platinum, $837.60 Up $2.80 
  • Palladium, $1,579.70 Up $19.20

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (ET)! Or call us Fridays until 6 p.m. (ET)! If you have any questions about Precious Metals investing or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:
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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