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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 - February 17, 2017

In the precious metals markets this week . . . 

GOLD:
Monex spot gold prices opened the week at $1,226 . . . traded as high as $1,243 on Thursday and Friday and as low as $1,217 on Wednesday. . . and the Monex AM settlement price on Friday was $1,238, up $12 for the week.  Gold support is now anticipated at $1,223 then $1,207, and then $1,180. . . with resistance anticipated at $1,248, then $1,276, and then $1,307.

SILVER:
Monex spot silver prices opened the week at $17.86 . . . traded as high as $18.11 on Thursday and as low as $17.73 on Tuesday and Wednesday. . . and the Monex AM settlement price on Friday was $17.99, up $0.13 for the week.  Silver support is now anticipated at $17.97, then $17.80, and then $167.41. . . and resistance anticipated at $18.61, then $18.45, and then $19.04.

PLATINUM:
Monex spot platinum prices opened the week at $1,002. . . traded as high as $1020 on Thursday and as low as $993 on Monday. . . and the Monex AM settlement price on Friday was $1003, up $1 for the week.  Platinum support is now anticipated at $983, then $946, and then $893 . . . and resistance anticipated at $1024, then $1044, and then $1080.

PALLADIUM:
Monex spot palladium prices opened the week at $782. . . traded as high as $795 on Thursday and Friday and as low as $773 on Monday. . . and the Monex AM settlement price on Friday was $779, down $3 for the week.  Palladium support is now anticipated at $768, then $736, and then $682. . . and resistance anticipated at $789, then $820, and then $846.

QUOTES OF THE WEEK:

From 2/16/17 CNBC.com  Gold Rises as Dollar Gives Up Gains; US Rates in Focus

''Gold rose on Thursday as the dollar weakened after a 10-day winning streak and investors took the opportunity to buy bullion as a hedge against political uncertainty in the United States and Europe.

Spot gold rose 0.63 percent to $1,240.31 an ounce and is up about 10 percent from a mid-December low.  U.S. gold futures settled $8.50 higher at $1,241.60.

''It's a tug of war between a higher probability of a U.S. rate hike in March and upcoming elections around Europe, which are creating uncertainty and demand for safe assets,'' said Jens Pedersen at Danske Bank.

Signs of faster economic growth and inflation in the United States and Europe are also driving demand for gold as an inflation hedge, Pedersen said.'' 

. . . And from Myra P. Saefong and Rachel Koning Beals in the 2/16/17 Marketwatch.com  Gold Notches Highest Finish in More Than 3 Months

''Gold futures scored back-to-back gains Thursday, sending prices to their highest finish in more than three months.

''The dollar is weaker, Treasury yields are down and stocks are lower,'' said Michael Armbruster, principal and co-founder at Altavest.  ''That is a nice trifecta for gold.''

On Comex, futures prices for silver ended above $18 an ounce, to log their highest settlement since Nov. 10 according to FactSet data.

''Silver has been pointing higher this week,'' as ''smarter money recognizes the incredible risk in speculative equity markets,'' said Ned Schmidt, editor of The Value View Gold Report.

''Gold, silver and gold stocks have outperforms (the) equity market since the December (U.S. interest) rate increase,'' with money flowing to the strongest sectors, he said - and ''odds still favor gold and silver beating the U.S. equity market in 2017.''

. . . And from Ben Leubsdorf in the 2/16/17 Wall Street Journal  Economy Picks Up Momentum, Boosting Odds of Rate Increase

''Robust consumer spending, an uptick in factory producing and firming inflation are pointing to a healthy start in 2017 for the U.S. economy and another interest-rate increase by the Federal Reserve, potentially as soon as next month.

The Commerce Department on Wednesday reported stronger-than-expected growth in retail sales in January, and the Fed reported factory output increased last month.  The Labor Department said a closely watched gauge of U.S. inflation rose to its highest annual level in nearly five years, the latest sign that years of sluggish price growth could be coming to an end.''

Last update: Feb 17, 2017 12:43:42 PM

This is not a recommendation to buy or sell.