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Weekly Market Reports

Equities Optimism Leads to Dip in Gold Price

Daily Gold & Silver Market Report – 4/3/2019

  • Stock markets rally after promising update on U.S.-China negotiations.
  • Gold prices drop as buyers turn back to equities.
  • Single-digit increases for Silver could mean decades-long boom.

As stock markets worldwide rallied Wednesday morning, Gold prices sank. The boost for equities comes on the tails of hope the United States and China will soon reach a trade deal. A weaker U.S. dollar, however, kept Gold’s losses to a minimum. Spot Gold traded at $1,292.70 as of 12:12 p.m. (ET), down from a peak of $1,296.50 earlier in the day. A Reuters report published by Nasdaq points to evidence of progress in the U.S.-China trade negotiations, along with favorable manufacturing reports from both countries, as the driving factors holding back economic fears.

White House Economic Adviser Larry Kudlow made new public comments, saying more progress is expected this week. This led many renewed hopes the months-long trade war between the globe’s two biggest economies could soon end. Stock investors welcomed the story, with the MSCI world equity index reaching a six-month peak, challenging safe-haven assets like Gold. However, not everyone is backing out of Precious Metals just yet. As long as the U.S. Federal Reserve remains tight on new interest rate hikes, Gold could easily trade over $1,300 per ounce again.

Investors Hold Tight for a Predicted Silver Boom

The world’s supply of mined Silver peaked in 2015 and industrial demand has been on the rise since 2016. While some traditional industrial users have waned in recent months, Silver remains a crucial commodity due to unique conductive properties for electronic applications. Seeking Alpha reports the Silver Institute, a nonprofit organization comprised of leaders within the industry, predicts a 7 percent increase of Silver prices this year. This is a modest forecast compared to rallies recently seen in Gold and Platinum.

Economist Zoltan Ban feels if a 7 percent raise does transpire this year, it would indicate a boom for Silver that could last for decades. As alternative energy sources move to the front of global conversations, Silver’s use in solar panels could provide a massive increase in demand for the Precious Metal. Ban writes, “I cannot be certain of the timing of when the market will eventually take these factors into consideration, but I do think that for those who are willing to invest and wait patiently, the moment of reward is getting to be closer and closer.”

At 1:35 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,293.30 Down $0.30
  • Silver, $15.20 Up $0.03
  • Platinum, $870.80 Up $20.30
  • Palladium, $1,408.20 Down $26.10

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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