The precious metals resumed their climb when markets opened on Monday after heavy profit-taking cut short last week’s rally.
A large proportion of investors, even those who buy precious metals like gold and silver, have never even heard of the oft-forgotten fourth precious metal, palladium.
Even its sister metal, platinum, is much more widely recognized. It was once fairly popular for high-end jewelry and, until recently, was historically more expensive than gold.
However, now that palladium prices have been on a tear, more people are beginning to take notice!
One of the great things about owning gold is that anyone can do it from virtually anywhere in the world. It certainly has a democratizing impact on protecting one’s wealth.
However, in many instances, big movements in the gold market are attributed to the large-scale buying or selling by hedge funds. Sometimes referred to in the context of major firms and banks called “institutional investors,” hedge funds have the ability to move the market more than the average individual because they typically open very large positions when they trade or invest.
Now, the founder and manager of the world’s largest hedge fund is recommending that investors stock up on gold bullion.
After posting modest gains on Thursday amid a market sell-off in stocks, the precious metals were sharply higher on Friday. Some of the safe-haven flight is due to a terrorist attack in Barcelona yesterday that left at least a dozen dead and many more injured. A second plot was apparently foiled before inflicting further damage.
Spot gold approached $1,300 per ounce on Friday, adding 0.7% to trade at $1,297/oz in the first half-hour markets were open in New York. This is also a significant technical breakthrough for gold, which has twice met hard resistance at the $1,296/oz level, its previous high this year. Silver prices jumped 1.3% higher to $17.22/oz. Platinum gained the same 1.3% while palladium added about 1%.
Following yesterday’s meeting minutes released from the July gathering of the FOMC, the European Central Bank (ECB) also struck a more dovish tone in its outlook for interest rates and monetary policy. This more dovish stance signals to investors that major central banks are considering leaving accommodation in place for longer, which is not an optimistic view of economic conditions.
This helped lift spot gold slightly (+0.2%) on Thursday morning to back above $1,285/oz. The yellow metal was actually above $1,290/oz when markets opened before Spot silver lost 3¢ (-0.15%) to settle near $17.08/oz. Platinum slipped 0.2% as well, but palladium gained over 1.5% to hit $920/oz. Incredibly, palladium has been by far the best-performing commodity in 2017, with palladium futures gaining over 35% year-to-date.
It is commonplace today to refer to clever, beneficial innovations as hacks. So a life hack is a positive habit or practice; or a high-powered health regiment might be called a bio-hack.
When it comes to financial hacks—no, not the shady fund managers or brokers—the “next big thing” seems to be cryptocurrencies and the blockchain technology that these digital coins rely upon.
Wednesday morning saw some volatile trading in the gold market, as gold prices fell early in trading before recovering to about unchanged when trading began in New York. Spot gold settled just north of $1,272 per ounce while spot silver gained 1.2% (+20¢) to about $16.82/oz. Platinum gained 0.8% while palladium added about 1.5%.
Following a strong rally last week as the world appeared to be flirting with an unthinkable nuclear conflict, the precious metals sank to begin the week. It seems traders are aggressively taking profits thanks to the run-up in gold prices, especially now that tensions on the Korean Peninsula are slowly but surely cooling off.
It’s intriguing for coin collectors to discover how error coins come to be. Government mints are pretty orderly operations, and have not just a number of anti-counterfeiting measures in place but also an array quality control features to keep such “defective” coins from making it out of the mint.
Another such error coin has apparently been produced by the Royal Canadian Mint, containing 1 kg of pure gold!
Both the precious metals and the U.S. dollar were down in early trading on Friday morning. The latter continued to be dragged down by a stronger euro and Japanese yen, while the former were shedding some of the impressive safe-haven demand that accumulated this week.
Spot gold was down more than $4 per ounce when markets opened in New York before returning to essentially unchanged at $1,285/oz. Silver initially fell almost 20¢ (-1%), as usual playing its role as the more volatile of the precious metals. (Consider that silver prices rallied 80¢ over the past three trading days alone!) The argent metal recovered later in the morning and traded 0.6% lower to $17.00/oz. Platinum gained $8 while palladium was flat, widening the spread between the two metals to exactly $100 per ounce.
Exaggerated and seemingly outlandish predictions and forecasts about asset prices abound all over the internet, and even the mainstream of money managers and the financial news. Gold is no exception to this reality that affects all sorts of financial endeavors, from investing to trading to estate planning.
In addition to the rising tensions between the United States and North Korea, markets were also responding—negatively—to some disappointing economic data points from the U.S. Labor Department on Thursday morning. This drove gold prices significantly higher in early trading. The yellow metal jumped above the $1,280 mark to $1,286.30/oz.
Spot silver also surged 27¢ to $17.19/oz, blowing past a new two-month high. Platinum gained 0.8% to trade at $980/oz while palladium crossed above $890/oz, up more than 1.1%.
There is a great deal to look forward to with the use of precious metals in several of the fastest-growing areas of the economy.
Silver features prominently not just in the biotech industry and other traditional industrial settings, but is also now an indispensable component of solar panels and mobile devices.
The sister precious metal platinum and palladium, meanwhile, are used in the emissions systems of virtually all of the world’s automobiles on the road today.
The initial reaction to President Trump’s bellicose statement about unleashing “fire and fury like the world has never seen” against North Korea was subdued on Tuesday afternoon. However, the narrative began to take fuller shape when it was revealed that intelligence agencies believe the rogue regime in Pyongyang has successfully miniaturized a nuclear warhead that is light enough to travel on an intercontinental ballistic missile (ICBM).
In response to the growing tensions between a potentially nuclear North Korea and the Free World, markets went into panic mode late on Tuesday, and this is carrying over to the next trading day. Spot gold absorbed considerable safe-haven demand, jumping more than $12 per ounce early on Wednesday morning. The yellow metal added 1% to trade at $1,272.20/oz. Spot silver gained 2% to trade at $16.75/oz.
Tuesday morning saw the precious metals build off of the positive momentum from the end of yesterday’s trading session. Spot gold gained a third of a percent, or $4.10 per ounce, to trade at $1,261.40/oz in New York.
Silver prices added 11¢ (+0.7%) to return to $16.37/oz. The argent metal has been by far the most volatile of the four major precious metals over the last three weeks, ranging from as low as $15.60/oz and as high as almost $17/oz.
Platinum and palladium were each up about $6 per ounce.
It’s not often you hear about strikes by bureaucrats in a place like Great Britain, notorious for being the world’s first unabashed “Welfare State.”
Even more surprising? The disgruntled workers are all employed by the Bank of England (BoE), the central bank of the United Kingdom.
The precious metals opened mostly lower to begin the second week or August. Gold prices trickled lower to about $1,256.50/oz after losing much more ground during Friday’s trading session. It seems that the gold market is still smarting from last week’s jobs numbers. Spot silver lost about 0.5% (-8¢) to fall to $16.16/oz. The Platinum Group Metals were mixed, with platinum slightly higher while palladium was mostly unchanged at $866/oz.
The big story driving markets on Friday was this morning’s nonfarm payrolls for the month of July, which came in well above expectations. This helped the dollar, pushing spot gold significantly lower by about $13 per ounce, as the yellow metal held above $1,254/oz in early trading. Spot silver lost a whopping 45¢ (-2.70%) to fall well below where it opened on Thursday, trading right at $16.20/oz.
For the second straight morning, the gold market withstood a bout of profit-taking that sent prices sharply lower as trading opened in New York. On both occasions, the precious metals managed to claw back their losses. Spot gold fell as low as $1,260/oz overnight before recovering to about unchanged at $1,266/oz.
Silver prices were about 5¢ higher to $16.61/oz. Palladium slipped $4 per ounce to settle at $880/oz while platinum surged $11 higher to about $956/oz.
One prominent numismatist and researcher is convinced he has successfully traced back and identified which rare post-colonial coin was the first ever struck under the official auspices of the U.S. government.