Friday morning saw spot gold trend lower again after the precious metals lost ground on Thursday afternoon. The gold price traded a shade higher to $1,266.50/oz, still near its lowest since early August. Spot silver tumbled another 0.8% to $16.64/oz. Both platinum and palladium were virtually unchanged as markets opened before the latter sank about 0.8% lower to $952/oz.
With the big announcement about the future pace of stimulus from the European Central Bank (ECB) grabbing headlines on Thursday morning, the stronger U.S. dollar knocked gold prices from a high of $1,282/oz early this morning to about $3 down to $1,273/oz.
Spot silver lost 4¢ to $16.89/oz. Platinum traded just below unchanged at $920/oz while palladium gave up its early gains to $952/oz.
Wednesday looked to be another tough trading session for the precious metals as safe havens have been losing investor appeal across the board. Spot gold was down $3 this morning to just $1,273/oz, approaching a three-week low. The silver price slipped 5¢ (-0.3%) to $16.86/oz.
Meanwhile, platinum was down 0.75% to about $915/oz and palladium nudged into positive territory above $955/oz.
The precious metals regained some ground on Monday afternoon after slipping at the open of the session. The pattern seemed to repeat itself on Tuesday morning, as the gold price was off its lows of $1,272/oz. By about 10 am ET, spot gold was still down $5 to $1,277/oz but had previously traded as high as $1,283 overnight.
Monday morning saw the spot gold price fall to more than a two-week low, sliding 0.6% to $1,272/oz. Silver prices similarly lost 0.8% to trade around $16.86/oz. The story was the same with the Platinum Group Metals, as platinum lost $7 to hit $914/oz and palladium shed $10 (-1%) to $954/oz.
You may not have realized it, but there are actually tiny amounts of gold in every single one of our electronics. Gold is the only element with the necessary properties (high conductivity and high malleability) that make it an efficient component of microchips.
In fact, gold is the most malleable and ductile metal found on Earth. Its conductivity is only surpassed by copper and silver.
Unfortunately, gold is only required in very small amounts for this purpose, so there’s usually not enough precious metal in a computer or smart phone to make recycling that gold a safe or profitable endeavor.
One innovative company may finally be flipping the script when it comes to recovering precious metals from electronic waste (often abbreviated e-waste).
Much of Europe’s earliest recorded history tends to begin with the conquest of the Roman Empire. Of course, archaeologists and historians know that a number of cultures were active on the continent during the Bronze Age. Nonetheless, the progress for civilization brought about by the expansion of Ancient Rome is so transformative that its total impact almost incalculable.
One of the clearest examples of this is the introduction of coins made from precious metals. In an area of southern Spain with evidence of mining activity that predates the Romans, researchers have discovered a large cache of gold and silver Roman coins that date to the first and second centuries of the Common Era (abbreviated CE, formerly known as AD).
After the Trump administration and GOP’s tax reform effort cleared a procedural hurdle in the Senate on Friday morning, the optimism among investors sent spot gold down $7 per ounce (-0.55%) to $1,282/oz. Spot silver lost 7¢ to $17.16/oz. While platinum slipped about $2, palladium once again charted the opposite path from the other precious metals, adding 1.5% to trade back above $960/oz.
Spot gold posted a modest rebound on Thursday morning, thanks in part to a weaker U.S. dollar. The yellow metal added $6 (+0.5%) to trade back at $1,287/oz, an encouraging sign for bulls after it looked like gold might test support at $1,270/oz and below. Spot silver gained 5¢ this morning to $17.02/oz.
Platinum added $5 to $924/oz while palladium lost 0.5% to trade back around $940/oz, tightening the spread between the two Platinum Group Metals.
Human beings were extracting gold from the ground and rivers for thousands of years before the birth of the Periodic Table of chemical elements in the late 19th century. About as soon as scientists began to discover and synthesize new elements, however, the profound differences between groups of related elements started to take shape.
Perhaps the most puzzling among these groups were the heavier elements, and their role in the mysterious process of radiation. Discoveries in this area helped bring the fields of chemistry, physics, and astronomy closer together in exciting and unprecedented ways.
Another chapter in this scientific narrative was written this autumn, as an astounding event detected by astronomers this past August may hold the key to understanding the cosmic origins of gold and the precious metals!
Spot gold plunged in early trading on Tuesday, carrying over the trend that emerged on Monday afternoon when the yellow metal lost considerable ground. Gold prices traded down nearly $10 per ounce to $1,285/oz. Spot silver was likewise deeply in the red, losing 17¢ (-1%) to trade around $17.04/oz.
The precious metals have virtually reversed all of their losses from September, as gold prices are trading at a three-week high around $1,305/oz on Monday morning. After bumping up against the $1,300-per-ounce mark as resistance for the better part of two weeks, this milestone appears to have flipped to support.
Both spot silver and platinum were flat while the palladium price surged another 1.4% in early trading to move near $1,000/oz. The lesser-known of the precious metals is up an astounding 46% year-to-date, by far the best-performing futures contract for all commodities. (By comparison, copper is in second place with a 28% gain YTD.)
It would be the first time palladium surpassed $1,000 per ounce in sixteen years.
One of the facts of the post-industrial world is that affluent societies waste a great deal of resources, whether it is food, energy, or otherwise.
In Switzerland, where 70% of the world’s gold gets refined, trace amounts of precious metals (primarily gold and silver) have been detected in the country’s waste water. The concentrations are low, of course, but the scale of the gold and silver particles are staggering when you add them up.
After trading as high as $1,296/oz (a two-week high) on Thursday morning, gold prices were just above unchanged at $1,292/oz. Spot silver similarly was a tick above unchanged. Interestingly, during yesterday’s trading session, both gold and silver rose by the exact same proportion (0.29%) that the U.S. dollar fell.
Platinum gained 0.5% early this morning while palladium jumped another 1.8%, surging $40 per ounce in only the last two trading days.
The markets were calm for the most part on Wednesday morning as traders were hesitant about making any big moves before today’s release of the most recent FOMC meeting minutes. Spot gold is approaching $1,290/oz this morning while spot silver was up 0.2% to $17.14/oz. Platinum was essentially flat, but palladium jumped 1.7% to $943/oz, retaking the lead over its cousin.
This is the longest winning streak for the precious metals since August.
Believe it or not, the United States Mint has been without an official Mint Director for the past six years. The fact that the position has remained vacant since 2011 is a vestige of the gridlock between the White House and Congress during the Obama Era, when Republicans refused to confirm many of the former president’s nominated candidates for positions in the federal government.
After posting solid gains on Monday, the precious metals were once again trading in positive territory on Tuesday morning. This was due largely to a weaker U.S. dollar, finally putting the brakes on a nearly month-long trend of the greenback getting stronger. Spot gold added $5 per ounce (+0.4%) to nearly $1,290/oz, slightly off of gold’s highs earlier this morning. Spot silver leapt 19¢, or better than 1%, to trade back at $17.15/oz. Both platinum and palladium were around 1% higher, as well.
Spot gold rose modestly when markets opened this morning, adding about $4 per ounce (+0.3%) to $1,280/oz, although the yellow metal traded as high as $1,285/oz earlier in the session. Monday is a bank holiday in the U.S. due to observance of Columbus Day, so there will be no trading of Treasurys today. Wall St is still open, though trading is also closed in Japan, Korea, and Taiwan. Chinese markets reopen after being closed for holiday all of last week.
Meanwhile, spot silver gained 6¢ to trade at $16.87/oz. Platinum and palladium were each about unchanged at their previous close, trading in virtual price parity with one another.
This year, there’s been a great deal of construction and infrastructure improvement in the Russian capital of Moscow. Amid the building projects and renovations, a surprising side-effect has emerged on more than one occasion: Rare old coins are being recovered from the construction sites!