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Weekly Market Reports

Gold Price Recedes After U.S.-Mexico Deal

Daily Gold & Silver Market Report – 6/10/2019

  • U.S.-Mexico trade deal increases investor appetite for riskier assets. 
  • Silver markets in position to break out this week.
  • Recently discovered Gold coin fetches record price.

The price of Gold slipped 1 percent Monday morning, receding from a 14-month high hit in the previous session. This shift comes after the United States and Mexico struck a deal to avoid a tariff war, fueled by illegal immigration tensions. Investors saw this as positive and began moving back out of Gold and Precious Metals, toward riskier assets. A Reuters report published by CNBC states U.S. and Mexican officials reached an agreement Friday to avert the tariff war, with the latter consenting to expand a highly controversial asylum program and deploying security teams to stop the movement of illegal migrants from Central America.

Forecasts the Federal Reserve could cut interest rates are still supporting Gold. When interest rates are lower, it decreases the opportunity cost of keeping no-yield bullion. OCBC Bank Economist Howie Lee is quoted saying, “We expect prices to hover sideways from $1,300-$1,350 per ounce in the short term, with risks tilted to the upside.”

Silver Markets Poised for BreakOut

Last week, Silver prices broke higher, with a notable rally Friday. Disappointing U.S. economic data led investors toward Silver and other Precious Metals. A jobs report was released, showing hiring levels for May did not meet expectations. FX Empire Senior Financial Analyst Christopher Lewis predicts Silver markets will continue to rally this week, “slicing through the vital $14.85 level, and then the $15.00 level.” In his price forecast, Lewis goes on to say, “At this point in time it’s very likely that the Silver market will follow right along with the Gold market to the upside, but we figured it should be noticed is that we had formed a hammer during the previous week, and have now broken through that downtrend line, both of which are very positive signs.”

Ancient Coin Sells at Auction for Five Times the Estimate

Thursday, an ancient Roman Gold coin, recently found in a field, sold at auction for $700,000. The selling price was five times that of the estimate. According to Artnet, a British man discovered the penny-sized coin in a field in March. The currency turned out to be a Roman Aureus, approximately 1,700 years old. The obverse depicts the face of finance minister Allectus. Initial estimates put the value of the coin between $90,000 and $127,000. Last week, warring bidders skyrocketed the price, with an unknown collector making the winning bid via telephone. This sale now holds the record of the highest price ever paid for an Allectus Roman Gold coin.

At 9:57 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,331.20 Down $13.70
  • Silver, $14.85 Down $0.29
  • Platinum, $807.70 Down $1.40
  • Palladium, $1,378.10 Up $10.10

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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