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Gold and Silver Market Update (11/17/14) – Golden Eagle

November 17, 2014 0 Comments

Last week saw the precious metals market looking much healthier than it did in the preceding period. While the platinum group saw dips across the board nothing fell significantly – not even silver, which has been struggling badly for the last few months. In fact both silver and gold managed to gain. The overall economic situation is still volatile, but it’s encouraging to be reminded that metal prices can move in more than one direction. It looks like continuing less than stellar equities performance and the slide in crude oil prices are combining to help metals rebuild their position, and hopefully setting the stage for a more significant rebound in the near future.

Looking at gold first, a spike on Friday helped it to a second successive week of rising value. As we expected based on the previous Friday’s closing picture it did fall during weekend trading, but by the time trading ended on November 14 it had clawed all that back plus another $10, bringing it to a final point of $1,188.50. Not dramatic, but still promising and maybe a hint that this rally isn’t a false dawn.

Silver has been having a very bad run for weeks now, with no apparent end in sight. Like gold it didn’t go anywhere much for most of last week, but again the opening of the US markets on Friday saw a turnaround and the first real upward move for a while. A 49 cent rise took the spot price to $16.32, around 3 percent up on the previous week. We still think silver is significantly undervalued at the current price, but another couple of weeks like this could see a return of confidence and start to build some support close to the $17 mark.

Platinum ended the previous period at the top of a spike, with signs it was beginning to fall back. It did exactly that, dropping below $1,200 for most of the week before riding the same Friday bounce as gold and silver. It finished the period at $1,206, down $6 on a week earlier but looking slightly better positioned to recover over the next few days.

The bright spot in the platinum group over the last month or so has been palladium, but even that has been flagging lately. It spent most of the week down at around $750 but by Friday afternoon had floated up a touch to close at $762. That’s $4 below where it was a week before, but at around 0.5 percent the fall isn’t enough to worry about right now. What’s more of a concern is that palladium wasn’t affected by Friday’s surge in most of the metals and may dip again over the coming days.

Finally rhodium. This was the most sluggish performer last week, losing $10 to end at $1,170. Again Friday didn’t do much for it.

Overall the week was nothing to get excited about, but it was an improvement on the one before. With continued uncertainty over the economy and oil looking like staying weak for a while longer, there’s some cause for mild optimism.

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Filed in: Market Updates

About the Author:

Clint is the director of marketing at Golden Eagle Coins. Son of Richard Stelfox, co-founder of the company, Clint has been living and breathing coins his entire life. After trading for a Philadelphia Stock Exchange firm for several years Clint returned to give Golden Eagle the online presence it has today.

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