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Weekly Market Reports

Gold Prices Extend Rally

Daily Gold & Silver Market Report – 7/3/2019

  • Gold price rally continues, hits six-year high.
  • Trump's new Fed nominees will likely support lower interest rates.
  • Fed nominee Shelton in favor of return to Gold Standard.

Gold prices escalated again Wednesday morning, reaching the highest mark in six years. This upward climb comes as many investors hope for more relaxed monetary policies, in the U.S. and around the world. MarketWatch reports recent nominations to the European Central Bank and the United States Federal Reserve have supported a flurry of government debt purchases, sending European currency and U.S. Treasury yields downward. Declining debt yields can increase the appeal of commodities like Gold.

Analyst Edward Moya said in a daily research note that, “Gold prices are higher as dovish central bank bets got bolstered by a bunch of nominations from Europe and the U.S. that will likely help bring forward the timelines on when to expect further stimulus.”  Moya goes on to add, “The yellow metal appears to have a firm bottom in place as the data has been deteriorating faster than expected in Europe and Asia and the U.S. is only showing signs of only meager growth.” 

Fed Nominees Expected to Support Easier Monetary Policy

U.S. President Donald Trump nominated two strikingly different economists to serve on the Federal Reserve board. Bloomberg points out, however, the two have one key thing in common. Nominees Christopher Waller and Judy Shelton are both very likely to support lower interest rates. Trump has been highly critical of Fed Chair Jerome Powell, and these individuals are expected to fall in line with the president’s views more readily.

Due to ongoing public and private attacks on Powell’s policies, both Waller and Shelton could be viewed as potential replacement chairs. Waller is currently a member of the St. Louis Fed and formerly a Professor of Economics at the University of Notre Dame. Shelton graduated with a doctorate in business administration from the University of Utah and previously worked with the Sound Money Project. 

Fed Pick Judy Shelton Supports Return to Gold Standard

Recent Federal Reserve nominee Judy Shelton wrote last year she supports pegging the U.S. dollar to Gold prices. CNBC reports Shelton, currently the executive director at the European Bank for Reconstruction and Development, has compared Gold to cryptocurrencies. In 2018, Shelton wrote, “If the appeal of cryptocurrencies is their capacity to provide a common currency, and to maintain a uniform value for every issued unit, we need only consult historical experience to ascertain that these same qualities were achieved through the classical international Gold Standard.” She went on to say if a new international currency were linked to Gold, the U.S. would have “an opportunity to secure continued prominence in global monetary affairs.”

At 2:55 p.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,420.60 Up $13.10
  • Silver, $15.38 Up $0.11
  • Platinum, $841.50 Up $10.00
  • Palladium, $1,577.90 Up $13.10

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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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