Gold and Silver Market Update (11/24/14) – Golden Eagle
Finally it’s good news right across the board for precious metal investors, with all the main commodities rising in price last week. That’s especially welcome for gold and silver, but the platinum group did well too. Couple that with generally good results in other market sectors and it looks like a real recovery might be under way, not just a cautious move to a safe haven.
Firstly, gold. The spot price rose for the third week in a row, closing $14 up over the previous period. It’s not going up fast, but a trend looks to be setting in and it’s now taken gold past the important $1,200 mark. Barring a major setback this week we should start to see support building above that price point, setting the stage for further rises in the near future. This is definitely reassuring, because gold is still seriously undervalued and it’s good to see the markets recognizing that.
Silver has been the sick man of the precious metals sector for months now but even here there was some good news. It didn’t rise as much as it did last week but even so the beginnings of a trend can be seen. The spot price ended the week at $16.44, a 12 cent gain, and while that’s still far lower than we think it should be two weeks of positive movement should start to rebuild the confidence that’s been lacking recently. With the silver price now seemingly back to tracking gold quite closely, some optimism is in order.
Platinum seemed poised to recover at the end of the previous week, and that’s exactly what happened. Again it wasn’t a spectacular rise but the price picked up another $16 to close at $1,222. Like gold and silver it dipped midweek along with the stock markets, then recovered Thursday and Friday to end the week looking buoyant.
Palladium looked to be in a weak position the Friday before last and didn’t perform too well over the early part of last week, dropping before equities or any of the other metal prices, but it rallied very strongly on Friday to close out the period at $789. That’s $27 up on the week before, a jump of close to 3 percent, and again it looks well positioned to climb further. Unless auto industry sales dip palladium should continue to rise in the short to medium term.
Rhodium started the week well but fell sharply on Wednesday. Again a rally on Friday reversed that trend and it ended the week at $1,152. That’s slightly down on the previous Friday thanks to weekend losses.
Overall it was a much more encouraging week than we’ve seen for a while, especially given the continued health of equities and the uptick in crude oil. Our read on the situation is that investors are starting to realize the potential gains from a market where precious metals are so seriously underpriced, and this is likely to fuel demand and nudge prices upwards. There could be some real opportunities ahead, and right now all the main metals are attractively priced.
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. 
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