Gold and Silver Market Update (3/14/2015) – Golden Eagle
On the face of it last week was another disappointing week for precious metals, with four of the five key prices falling again and the last one staying static. It wasn’t quite as bad as the week before, though – none of the losses were as large, and starting Wednesday there were some signs of a turnaround. All the commodities that had fallen started to pick up value again and some of them ended the week significantly up on Wednesday’s lows. It’s quite a confused picture at the moment but some analysts think there could be a better week ahead.
Gold started the week looking like it was going to continue its recent decline, and by Thursday was trading at slightly below $1,155 an ounce. On Friday it started to recover, though, and although the gain was almost insignificant – less than $4 – it was at least movement in the right direction. Gold closed the week at $1,158.70, $10.10 down on the Friday before. There are hopes that it’s found firm support above $1,150 however, and while similar hopes have been crushed more than once recently it’s possible the price will push up slightly this week.
Silver followed pretty much the same pattern as gold, although it actually hit its weekly low slightly earlier – on Wednesday – and enjoyed a longer recovery as a result. Again it didn’t regain all it had lost, closing 28 cents down on the week at $15.64, but it did end the period rising. Silver is delicately balanced at the moment though. Industrial demand is good and there’s no word of new supplies about to come on the market, but confidence is fragile enough that another bad week could trigger a panic sell-off and send prices into a steep downward spiral.
Like gold, platinum didn’t bottom out until Thursday and recovered similarly modest value – it gained back $5 to close at $1,115. That made it one of the weaker performers last week, because it actually lost more than it had the week before – $42 below its close the previous Friday. Most analysts had expected to see a better performance from platinum so this week is looking quite uncertain. There’s nothing to suggest another fall that size is likely, but if confidence fades it’s definitely possible.
Palladium more or less stopped falling on Wednesday, and although it did dip slightly both Thursday and Friday it managed to pull back close to $10 later on Friday, ending the week at $790. That’s still $29 down on its previous close and leaves it, along with platinum, as one of the week’s biggest losers.
After dropping sharply the first week in March rhodium seems to have stuck again last week, with very little overall movement. It’s still hanging just a fraction above $1,090, basically just where it was when the markets opened Monday.
So once more a weak performance from the metals market, although the upswing towards the end of the week does hold out some hope for some gains over the next few days. It’s definitely a high risk area for investing right now but there is potential for short-term profits if you’re willing to take a gamble on things moving the way you want.
About the Author: Clint Stelfox
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. 
