Weekly Market Reports

Demand for Silver in India Could Reach 4-Year High

  • Price of Gold unsteady as markets await new Fed policy statement.
  • India’s demand for Silver expected to rise.
  • Exchange levels for Bitcoin may be severely over-reported.

The demand for Silver in India is expected to rise this year, as Indian farmers from rural areas begin spending cash handouts distributed by the government. These handouts were meant to aid small local economies ahead of the next general election in India. In a Bloomberg report on Yahoo! Finance, Silver purchases may rise to as much as 6,590 tons in the region, leading to the best year for sales since 2015. This projection is due to the economic stimulus combined with higher income levels, current low Silver prices and the popularity of Sterling Silver in India.

Price of Gold Shaky Ahead of U.S. Fed Statement

Gold prices were somewhat shaky Wednesday morning as many investors awaited a statement from the U.S. Federal Reserve, which is expected to give new insights for interest rate plans for the remainder of 2019. Gold futures went up $1.05, less than 0.1%, to $1,307.65 a troy ounce by 8:40 a.m. (ET). The spot price of Gold peaked at $1,311.55 per ounce at 9:20 a.m., before falling $3.21 per ounce over the next hour. According to, the Fed is predicted to keep interest rates steady, so market watchers are primarily concerned about rate forecasts for the next several years. In December, the Fed indicated two potential hikes for 2019, but many expect a reduction to just one. 

The central bank may also outline a strategy to stop shrinking a $4 trillion balance sheet. A press conference with Fed Chair Jerome Powell is expected at 2:30 p.m. (ET) following the release of the newest monetary policy statement. Macroeconomic strategist Shuji Shirota is quoted as saying, “I think market consensus centers around an end in September, but we expect the Fed to end its balance sheet rolloff in June, at around $3.85 trillion, based on our calculations on the amount of excess reserves the Fed will need.”

Researchers Warn of Problems with Bitcoin Exchange

Cryptocurrency exchanges have recently seen many scandals, leading to low levels of trust from both investors and regulators. These problems range from trade volume to price manipulations. In a Forbes contributor article, Billy Bambrough writes about a new report cautioning that much of the Bitcoin and cryptocurrency trading volume may not be authentic. Researchers have called more than 90% of the stated trade volume into question. By artificially magnifying exchange volumes, the demand for Bitcoin seems higher than it is, leaving investors in the dark about actual interest in cryptocurrency.

At 12:22 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,303.70 Down $5.50
  • Silver, $15.40 Down $0.05
  • Platinum, $860.50 Up $4.90 
  • Palladium, $1,598.50 Up $4.60

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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.

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