Weekly Market Reports

Gold Poised for Sizeable Monthly Fall

Daily Gold & Silver Market Report – 3/29/2019

  • Gold price falls amid U.S. dollar strength.
  • Palladium bubble may have already burst.
  • Bitcoin on track for the second month of wins.

The price of Gold was mostly stable Friday morning, poised for the most significant month of losses since August 2018. A stronger U.S. dollar contributed to market pressures, as dollar-denominated Gold becomes more expensive to buyers with other currencies. Reuters reports Gold spot prices edged up 0.2 percent to $1,293.48 per ounce by 6:52 a.m. (ET), after falling approximately 1.5 percent Thursday. This fall was the biggest drop in more than seven months, notably getting below the crucial $1,300 per ounce mark.

The U.S. dollar meanwhile was at a two-week high, driven by optimistic stock markets and hopes of progress in trade negotiations between the United States and China. Some analysts observe new physical Precious Metals buyers have entered the market, but a sharp decline could send them back out. Silver was also up Friday morning, after declining to its lowest spot price since December.

More Losses for Palladium Are Likely

After nearly doubling in price since August, the cost of Palladium fell sharply this week. DailyFX reports many are now saying the Palladium bubble is bursting and further losses are ahead. A leading Palladium producer, Anglo American, released a statement from its chief executive this week, expressing the rapid price rise for the Precious Metal had created a “bubble.” Some analysts predicted that would remain high for the foreseeable future, but that forecast does not seem to have come true.

Palladium, along with Platinum, is primarily used in the catalytic converters of fuel-cell automobiles. Better-than-expected market demand for gas-powered cars and trucks was one of the drivers in the recent bull market for Palladium. A supply shortfall expected to last several more years also supported Palladium in past months.

Bitcoin Sets Eyes on Second-Consecutive Month of Wins

Bitcoin traded at its highest level in five weeks after prices rose Friday morning. This improvement puts the cryptocurrency in line for a second-consecutive month of wins. According to MarketWatch, one bitcoin was valued at $4,108.98, up 1.8 percent since the previous day at 5 p.m. Market Analyst Mati Greenspan says, “Bitcoin is at its highest level in more than a month this morning, currently testing resistance around $4,200 per coin. Some analysts might note that it seems the long-term bear trend line has now been broken.” Greenspan added, “However, trendlines may be drawn differently by each chartist so this isn’t the purest indicator out there. What’s more pertinent at the moment is the 200-day moving average that draws ever nearer.”

At 2:25 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,296.10 Up $2.80
  • Silver, $15.21 Up $0.14
  • Platinum, $852.00 Up $10.20
  • Palladium, $1,380.20 Up $34.50

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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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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