Over the past ten years, a number of U.S. states that didn’t already exempt gold and silver bullion from sales tax are coming to their senses.
The financial markets seemed to be taking a deep breath on Friday.
Gold prices held just below unchanged at $1,351/oz (-0.2%) as the Chinese Lunar New Year celebration begins.
Exchanges in Shanghai will remain closed for the holiday through next Thursday.
The U.S. stock market also saw sleepy opening action. Wall St and gold are both capping off a very strong week.
Stocks looked poised to snap their three-day rally on Wednesday as data from the Labor Department suggested inflation is accelerating.
Gold futures were down sharply before the opening bell in New York. Yet spot gold recovered to $1,335/oz (+0.45%) in early trading.
Spot silver advanced 6¢ (+0.33%) to $16.61/oz.
Platinum and palladium were both higher this morning, trading at $979/oz and $985/oz, respectively.
The return of volatility to the financial markets is beginning to leave the direction of the precious metals uncertain.
Spot gold traded as high as $1,324/oz overnight but fell sharply before this morning’s opening bell.
The yellow metal recovered to about $1,322 per ounce on Monday, up $6.50 (+0.5%).
Meantime, spot silver added 19¢ (+1.15%) to $16.52/oz.
This coming Friday, February 16th, marks the beginning of the Chinese Lunar New Year. The occasion signals the end of the Year of the Rooster and the start of the Year of Dog in 2018.
It is a time of celebration for many cultures around the world. Accordingly, the Lunar New Year is often seen as an auspicious time for buying gold and silver as gifts.
From the time that Europeans started arriving in the New World during the 16th and 17th centuries, shipwrecks began piling up along the Atlantic coast and in the Caribbean Sea.
A company based in Jacksonville, Florida that specializes in recovering treasure these sunken ships believes it may have made a major discovery in the waters near North Carolina.
Gold and silver are mostly steady, though lower, amid yet another stock meltdown in the span of a week.
Platinum dipped $6 per ounce (-0.6%) to $964/oz. It held above palladium, which was flat at $952/oz.
Although stocks around the world struggled to rebound from Monday’s meltdown, the precious metals dipped slightly lower on Tuesday morning, as well.
Meanwhile, platinum slipped 0.2% (-$2) to $987/oz. Palladium extended its string of losses, tumbling $15 (-1.5%) to just above $1,000/oz.
Later today, fans in Philadelphia and New England will be hoping their respective football teams strike gold in Super Bowl LII.
The Roman numerals “LII” indicate it’s the 52nd iteration of the National Football League’s yearly contest to crown a new champion.
Have you ever wondered: How much precious metal goes into a Super Bowl ring?
It’s an unfortunate reality that the ancient coin market is frequently plagued by unethical or outright illegal behavior.
The incentives for fraud are strong because of high coin values and difficulty in tracking relics that were produced many centuries, even millennia, ago.
In one case of triumph, a rare silver denarius coin from the Roman Empire has finally been recovered after being stolen more than 30 years ago.
Thursday morning saw spot gold slip 0.3% (-$4) to just above $1,341/oz.
Many traders and investors who increased their allocation of gold at the beginning of the year are taking profits off the table. This may be related to short-covering due to recent losses in stocks and bonds.
Spot silver tumbled 17¢ (-0.95%) to $17.14/oz, erasing much of its gains from the month of January.
Spot gold was off its session highs on Wednesday after a strong jobs report. The yellow metal still traded about $5 higher to $1,343/oz.
We’re seeing the telltale signs of a consolidation pattern: The precious metals are pushed lower overnight only to rebound back to where they started the next morning.
Accordingly, the silver price was up 9¢ (+0.55%) yet traded back at yesterday’s levels near $17.20/oz.
The gold price opened $4 higher (+0.3%) to $1,344/oz on Tuesday.
This was partly due to the dollar returning to its downward path. The DXY index was down 0.3% to 89.0 this morning.
Silver prices added 7¢ (+0.4%) to trade at about $17.20/oz.
Platinum was mostly flat at $1,000/oz while palladium lost another $16 to fall to $1,065/oz.
Spot gold lost about $6 (-0.5%) to $1,343/oz on Monday. The movement is largely attributed to profit-taking and a rebound for the U.S. dollar.
Meanwhile, the silver price tumbled 1.1% (-20¢) to trade at $17.19/oz. Silver is typically more volatile than gold.
This follows the sudden pullback for the precious metals last week after President Trump voiced support for a strong dollar.
Wealth and lifestyle are often closely interconnected ideas.
Sure, there’s always the outlier like Warren Buffett, who has tens of billions of dollars but has chosen to live in the same home and drive the same car for decades.
In general, however, people tend to associate large sums of money with a certain outward style.
A lighthearted report from the auto magazine Motor Trend seems to confirm this connection.