Weekly Market Reports

Gold Surpasses $1,350 as Growth Concerns Spread

Daily Gold & Silver Market Report – 6/14/2019

  • Following more global turmoil, Gold prices rise.
  • Silver lifts above crucial $15 mark.
  • Skepticism from automakers may be holding Platinum prices down.

The price of Gold leaped up more than 1 percent Friday morning, reaching above the crucial $1,350 level. This rally marks the first time since April the yellow metal has broken above this important price. Many of Gold’s recent wins are attributed to spreading concerns that global markets are slowing, and now political worries in the Middle East. CNBC reports spot Gold shot up 1.01 percent to $1,355.49 per troy ounce as of 3:49 a.m. (ET). SPI Asset Management’s managing partner Stephen Innes says in the article, “With geopolitical risk premium ratcheting higher on the back of Middle East tensions and autonomy protest in Hong Kong, Gold represents dependable insurance against those mounting geopolitical risks.”

U.S. leaders blamed Iran for recent attacks on two oil tankers in the Gulf of Oman, leading many to worry about rising conflicts between the two countries. Current data also show industrial output growth from China dwindled to 5 percent in May, a 17-year low. These numbers add to a growing list of disappointing economic data from many of the world's largest economies.

Silver Climbs Above $15

Silver prices began to rally Wednesday, finding support around $14.73, then surging above $15 Friday. FXStreet suggests the latest rebound, paired with Silver trading above the previous downside resistance line, indicate last week's losses were simply a corrective phase. If true, further advances could be on the horizon. The article states, “The bulls may decide to rest after achieving that goal, that way allowing the metal to correct a bit lower. That said, we expect such a potential retreat to stay limited above the aforementioned tentative upside line, perhaps even above $15.” Some analysts believe this type of movement would entice bullish behavior from investors to aim for another test in the $15.14 range.  

Automakers Skeptical of Long-Term Low Platinum Price

Platinum investors have been amazed and potentially frustrated by the stubbornness of Platinum prices in recent years. Researcher Geoffrey Caveney writes on Seeking Alpha the market logic of supply and demand suggests industrial demand for Platinum should be on the rise, shifting away from more expensive Palladium. As of yet, however, this has not happened. He observes there is substantially more diversity in Palladium production throughout the world.

Caveney says, “In particular, for North American automakers and other industrial manufacturers, the available sources of Palladium supply from production in the U.S. and Canada are substantially greater than that of Platinum.” This could put car manufacturers in a precarious position if they make a broad move to Platinum. Caveney deduces, “Thus, in case of a temporary supply disruption from either or both of Russia or South Africa, automakers and other manufacturers would at least still have access to a significant amount of Palladium supply from North American or other global sources.”

At 9:40 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,352.60 Up $10.10
  • Silver, $15.06 Up $0.07
  • Platinum, $810.50 Down $1.90
  • Palladium, $1,452.00 Up $1.80

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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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