Gold prices traded slightly higher at opening bell on Thursday, up about $3 per ounce to $1,280/oz thanks to some disappointing economic data. The precious metals remain stuck in a consolidation pattern, leaving traders and investors unsure of where the market will move next.
The silver price jumped 13¢ (+0.8%) to $17.09/oz while platinum and palladium were each about unchanged.
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An increase in core inflation in the U.S. helped push the precious metals higher on Wednesday, much to the chagrin of the stock markets. Spot gold rallied 0.3% this morning, adding $4 per ounce to trade at $1,284/oz. However, the yellow metal was off its highs of $1,287.50/oz earlier in the session.
Silver prices initially jumped 0.8% to $17.14/oz before quickly erasing these gains to trade back at $17/oz. Although palladium slid 1% (-$10) to $971/oz, platinum was also slightly higher at $926/oz.
After rebounding from Friday’s losses to begin this week, spot gold was down another 0.4% to $1,272 per ounce early on Tuesday morning. However, by about 10 am EST, the yellow metal had once again recovered, up almost 0.2% to $1,280/oz. Some of the selling pressure came from traders who are trying to offset losses in their stock portfolios by cashing in their gold.
Spot silver also recovered, down just 2¢ this morning to trade at $17/oz even. Platinum was down 0.5% to $926/oz and palladium was just below unchanged at $982/oz.
When someone buys a gold bar, they must trust that the bullion dealer, or whomever is selling the bar, is reputable and knows what they are doing. In other words, they—the customers—believe that what they are buying is real.
While it’s true that everyone makes mistakes, such an error can cost a bullion dealer their reputation and, ultimately, their business.
Unfortunately, there has been more than one well-publicized incident this year involving bullion that has been verified counterfeit after being sold in North America.
Spot gold was barely below unchanged when markets opened in New York on Friday morning, trading just shy of $1,284/oz. The precious metals looked to end the week on a high note as investors are finding more than one reason to sour on stocks. Spot silver gained 8¢ (+0.47%) to $17.03/oz.
Meanwhile, platinum was flat at $936/oz. Palladium was the only one among the four metals to post losses, tumbling 0.9% to $994/oz.
Spot gold hit a three-week high at $1,285/oz on Thursday, benefiting from somewhat weaker momentum in the stock market and a softer U.S. dollar. Silver prices coughed up early gains, trading 5¢ lower (-0.3%) to $16.94/oz.
Platinum edged higher to $931/oz while palladium slipped 0.2%, but still traded above $1,000/oz.
Stocks took a breather on Wednesday, prompting many investors to “buy the dip” in the precious metal prices. This propelled the gold price about $10 (+0.8%) higher to $1,285/oz. Spot silver gained 15¢ (+1%) to trade at $17.07/oz.
Both platinum ($931/oz) and palladium ($1,002/oz) were also up better than 1.2% in early trading.
The precious metals gave back all of Monday’s gains in early action this morning, facing selling pressure from traders taking profits as well as the effects of a stronger dollar. Spot gold traded down about $10 to $1,272/oz while spot silver lost 23¢ (-1.3%) to $16.98/oz. Prices for both metals were essentially back where they began the week.
Platinum fell farther than silver, giving up $14 (-1.5%) to $920/oz. The palladium market finally showed signs of cooling off, as spot prices were down around 0.6% to $988/oz.
The precious metals market stirred only a little on Monday. Gold saw a bit of demand amid another exposé of hidden wealth (after the “Panama Papers” two summers ago) hit the news wires. This time, the press has dubbed the new revelations the “Paradise Papers.”
Gold prices were up slightly as the yellow metal moved 0.2% higher on Monday morning to $1,272/oz. Spot silver was up 10¢ to $16.91/oz. On technical charts, gold has remained stuck below strong resistance in the $1,270 range now that much of the speculative money has exited the market with the past week’s quarterly expiry and rash of activity at the Federal Reserve. Silver has been more volatile over that span, but prices have gotten hammered lower by profit-taking every time the argent metal pokes it head above $17 an ounce.
Platinum (-0.2%) and palladium (-0.4%) were both off modestly this morning, trading at $917/oz and $989/oz, respectively.
S.S. Central America, an American steamer, sank in the Atlantic in 1857 carrying a significant quantity of gold bullion. Its original haul is estimated at more than a metric ton, and was perhaps as much as 20 tons, including thousands of what are now scarce $20 double eagle coins.
Although the first coins and treasure from the wreck started to be recovered in 1986, litigation over the project’s funding—i.e. investors getting stiffed—and how the profits made from the treasure will be divided have carried on to this day.
The precious metals traded modestly higher on Thursday as central bank activity drove much of the action in early trading. Spot gold opened just slightly above unchanged for the second straight day, hovering around $1,277/oz before jumping above $1,280/oz. Gold has been stuck in a range below about $1,282/oz for the past two weeks.
Meanwhile the silver price added another 7¢ (+0.4%) after a strong performance on Wednesday, trading at $17.18/oz. Platinum ($930/oz) and palladium ($995/oz) were unchanged.
Wednesday promised to be an interesting day of trading in the financial markets as a number of important developments are coinciding this week. Despite a senseless terror attack taking the lives of at least eight people in New York City late on Tuesday, markets in the U.S. and abroad were fairly calm this morning. A man drove a van through pedestrians and bikers in Lower Manhattan. The suspect, an Uzbek national that has been a U.S. resident for about seven years, has been taken into custody.
Gold was up about $5 to $1,275/oz early on Wednesday. The yellow metal trailed significantly behind its precious metal cousins, which joined a broader rally in commodities. Spot silver jumped over 1.5% (+26¢) to $16.95/oz. Platinum (+$14, +1.5%) and palladium (+$20, +2.05%) also rallied to $930/oz and $995/oz, respectively.
The precious metals were somewhat choppy in early trading ahead of a busy week of economic data and potential moves by central banks. This is in addition to quarterly earnings reports continuing to trickle across the wire from Wall St and the expiry of options tomorrow on Halloween. Spot gold was down about $1 to $1,272/oz when markets opened in New York while spot silver lost 10¢ (-0.55%) to $16.75/oz. Platinum and palladium were both just slightly off after trading was closed for the two metals on Friday.
Due to overwhelming gold demand and a government determined to reduce the flow of foreign gold into the country, India is home to more cases—and more bizarre cases—of gold smuggling than virtually anywhere else in the world.
This forces smugglers to use proxies in neighboring countries to attempt to evade the detection of customs authorities.
In 2012, a pair of metal detectorists discovered what is considered the most immense hoard of ancient coins ever found. The site of the find was Grouville, located on the British island of Jersey.