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Precious Metals Review

Market information and news is critical for precious metal investing. However, many investors have limited time to sort through the massive amounts of market data and gold, silver and platinum news. The Monex Precious Metals Review consolidates the week's activities in a concise snapshot of the precious metal markets.

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PRECIOUS METALS REVIEW - January 13, 2017

In the precious metals markets this week . . . 

GOLD:
Monex spot gold prices opened the week at $1,180 . . . traded as high as $1,205 on Thursday and as low as $1,176 on Wednesday. . . and the Monex AM settlement price on Friday was $1,195, up $15 for the week.  Gold support is now anticipated at $1,183, then $1,155, and then $1,130. . . with resistance anticipated at $1,205, then $1,230, and then $1,256.

SILVER:
Monex spot silver prices opened the week at $16.57 . . . traded as high as $16.93 on Thursday and as low as $16.49 on Monday. . . and the Monex AM settlement price on Friday was $16.75, up $0.18 for the week.  Silver support is now anticipated at $16.67, then $16.28, and then $15.80. . . and resistance anticipated at $17.07, then $17.22, and then $17.48.

PLATINUM:
Monex spot platinum prices opened the week at $977. . . traded as high as $991 on Thursday and as low as $966 on Monday. . . and the Monex AM settlement price on Friday was $975, down $2 for the week.  Platinum support is now anticipated at $978, then $930, and then $897 . . . and resistance anticipated at $995, then $1013, and then $1031.

PALLADIUM:
Monex spot palladium prices opened the week at $759. . . traded as high as $766 on Tuesday and Thursday and as low as $745 on Friday. . . and the Monex AM settlement price on Friday was $751, down $8 for the week.  Palladium support is now anticipated at $738, then $709, and then $683. . . and resistance anticipated at $768, then $790, and then $803.

QUOTES OF THE WEEK:

From Myra P. Saefong and Sara Sjolin in the 1/12 MarketWatch.com

Gold prices on Thursday marked a new seven-week high, as the dollar fell on disappointment that President-elect Donald Trump didn't provide details on his economic plans at a closely watched news conference.

Gold for February delivery rose $3.20. or 0.3%, to settle at $1,199.80 an ounce, paring earlier gains that lifted it to a high of $1,207.20.  It still ended the session at its highest settlement price since Nov. 22.  And the metal has gained in seven out of the last eight sessions.

''We are seeing an unwind in the Trump Trade that has dominated the markets since the election,'' said Tyler Richey, co-editor of the 7:00's Report. ''The markets did not gain the clarify they were hoping to from Trump's press conference, so basically (there's) investor disappointment.''

On Thursday, U.S. stocks traded broadly lower, bonds rose and the dollar fell - ''all of which are supporting a continued rebound in gold,'' said Richey.

''The intentions communicated by Mr. Trump do not provide a high level of reassurance to investors, and they clearly show their preference for safety as this point,'' said Taki Tsaklanos, lead analyst at Investing Haven.  ''We believe gold will rise to $1,225 in the near term.''

For now, ''gold is walking a separate rode to U.S. stocks and I feel that this will not change as gold has a global market,'' said Julian Phillips, founder of GoldForecaster.com

But the impact of Comex exchange in the U.S. is ''waning quickly now as gold's pricing power, at the moment, is in Shanghai,'' he said.  ''That's a physical market and it is the physical market that is making prices.  All the gold sold in the U.S. from the SPDR (Gold Trust ETF) has been finding its way to China.'' 

Analysts have said that demand for gold in China has been picking up ahead of the Lunar New Year on Jan. 28.

. . .And by Chelsey Dulaney and Hiroyuki Kachi in 1/13 Wall Street Journal, Dollar Bulls Stampede out of Bets

The dollar slumped anew as investors tempered their optimism over President-elect Donald Trump's economic policy proposals after his first news conference since the U.S. election.

On Thursday, the WSJ Dollar Index, a measure of the U.S. dollar against a basket of 16 currencies, fell 0.4% to 92.09.  The index has lost 1.6% since Jan. 3.

''The press conference didn't tell us anything we didn't know already,'' said Alvise Marino, a foreign-exchange strategist at Credit Suisse Group AG.  Mr. Marino said investors were bullish on the dollar heading into the press conference, which is exacerbating the sell off.

But analysts pointed to Mr. Trump's inauguration on Jan. 20 as the next big test for the dollar.  That speech will be scripted and is likely to more deliberately touch on the matters most pertinent to global currency and bond markets, economists said. 

''After inauguration, the main risk is action on the trade front,'' Mr. Marino said. ''He can label China a currency manipulator, he can withdraw from (the North American Free Trade Agreement). Those are concerns that are not going to fade away.''

Last update: Jan 13, 2017 01:47:27 PM

This is not a recommendation to buy or sell.