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Gold and Silver Market Update (3/22/2015) – Golden Eagle

March 22, 2015 0 Comments

Last week looked much better for precious metals than the two that went before, with every price managing to rise except palladium and rhodium, and silver doing particularly well. The gains made weren’t enough to fully recover from recent losses but they did make up a big chunk of it and shifted the sector in a much more optimistic direction. If this develops into a longer-term trend there should be plenty of opportunities to build up some extra value. The outlook is still volatile but looking at the global economy as a whole there’s no reason for metals not to do well in the short and medium term.
Looking at gold first, it started sliding when the markets opened on Monday but quickly turned around and from Tuesday rose steadily for the rest of the week. It faltered slightly on Wednesday but made up for it with a last surge Thursday and Friday, to finish the week at $1,182.40. That’s $23.80 up on the week before, not a massive rise but definitely a positive development after its fall in the first half of the month. If it picks up pace this week we’ll definitely be feeling quite optimistic.
Silver was last week’s big winner, picking up close to 8 percent over its previous close. The price tracked gold quite closely with an initial dip followed by strong growth. The closing price for the week was $16.77, making a gain of $1.13 over the period. That’s the best we’ve seen silver do for a while and suggests that confidence isn’t as badly dented as it looked just a few days ago. If this continues then, again, it’s looking good.
Platinum has been tracking gold recently and last week was no exception. It followed more or less exactly the same trajectory and closed the period at $1,134. That’s a gain of $19, so its performance was very similar to gold.
The picture for palladium is slightly confused. The spot price fluctuated through the week, with a sharp drop on Wednesday. Friday’s closing price of $773 was still above where it started on Monday but heavy losses the previous weekend left it $17 below its close the Friday before. Palladium has been doing relatively well in the recent weak market but it looks like its lucky streak might be coming to an end.
Then finally there’s rhodium. This has been, without doubt, the least exciting of the precious metals for quite a while, with little overall movement. Last week it headed down slightly, with a drop on Monday taking it from its opening value of $1,090 down to $1,076. It recovered on Friday but not all the way, closing at $1,085.
So overall it was a positive week, with the three major metals all making up some lost ground. The main equities markets also recovered last week, indicating that the stabilization of the Euro has simultaneously reassured exporters and made Eurozone investors look for a safer option in case the single currency’s cracks widen any further. Hopefully this week will add some more clarity to the picture.

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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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