Weekly Market Reports

Gold Prices Aim for Biggest Weekly Gain in 3 Years

Daily Gold & Silver Market Report – 6/7/2019

  • Gold heads for large gains following weak U.S. jobs report.
  • Cryptocurrency markets resemble early Internet volatility.
  • U.S. Silver and Gold producer reduces operations.

As of Friday morning, Gold was up 2.9 percent for the week. While Gold prices have been on the rise, extra support was gained this week due to a lackluster May U.S. job growth report. Reuters U.K. reports the U.S. dollar slumped to its lowest point in more than two months. These changes have been partially attributed to swelling anticipation the Federal Reserve will cut interest rates soon. Other factors bringing support to Gold as a safe-haven asset are the ongoing trade war between Washington and Beijing, and the tariffs announced by President Donald Trump against Mexico.

New York Fed President John Williams said Thursday the impact of global growth concerns is being observed. Some traders of U.S. short-term interest rate futures predict interest rate cuts would appear as early as July and could be reduced an additional two times this year. Lowering interest rates would boost Gold by minimizing the opportunity cost of owning Precious Metals and weakening the dollar.

Cryptocurrency Markets Resemble Early Internet Era

The collective cryptocurrency market today is valued at $275 billion. While this is similar to levels seen in November 2017, it’s far from the $800 billion levels previously reached. In a Bloomberg opinion piece published by Yahoo! Finance, market researcher Aaron Brown observes the wild swings in cryptocurrency values “are not unlike the early days of the internet era.” Brown points out, “Internet stocks soared 50 times in value from 1997 to 2000, then lost 95% of their value in a crash that bottomed around September 2002. Prices were recovering by the end of that year, but many investors were still licking their wounds and were reluctant to buy.”

A key difference for cryptocurrencies like Bitcoin, Brown explains, is that failed companies close, sell off and eventually disappear. For a digital currency, as long as someone is actively trading the coin, it will appear on exchanges, even if no one is maintaining the code. So while the market valuation is counted at $275 billion, a good part of this is likely obsolete, bargain cryptocurrency.

U.S. Silver and Gold Producer Scales Back Operations

After a close review of operations in Nevada, U.S. Silver and Gold producer Hecla Mining announced a reduction to its operations. The company said Thursday it would cut back most development work and reduce the workforce. According to Mining Weekly, the decision was made after Hecla failed to generate the predicted level of cash flow. Scaled-back operations will continue in the region. President and CEO Phillips Baker said, “We still see lots of opportunities to improve costs, manage water, improve recoveries and explore but only plan to do it within cash flow.”

At 11:53 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,345.30 Up $4.10
  • Silver, $15.15 Up $0.15
  • Platinum, $807.90 Up $1.20
  • Palladium, $1,371.90 Up $12.80

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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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