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.
PRECIOUS METALS REVIEW - OCTOBER 21, 2016
In the precious metals markets this week . . .
Monex spot gold prices opened the week at $1,253 . . . traded as high as $1,273 on Thursday and as low as $1,252 on Monday. . . and the Monex AM settlement price on Friday was $1,266, up $13 for the week. Gold support is now anticipated at $1,255, then $1,241, and then $1,216 . . . with resistance anticipated at $1,269, then $1,304, and then $1,333.
Monex spot silver prices opened the week at $17.41 . . . traded as high as $17.69 on Wednesday and as low as $17.35 on Monday. . . and the Monex AM settlement price on Friday was $17.46, up $.05 for the week. Silver support is now anticipated at $17.45, then $17.10, and then $16.75 . . . and resistance anticipated at $17.70, then $18.18, and then $18.80.
Monex spot platinum prices opened the week at $935 . . . traded as high as $951 on Tuesday and as low as $924 on Friday. . . and the Monex AM settlement price on Friday was $930, down $5 for the week. Platinum support is now anticipated at $925, then $909, and then $886 . . . and resistance anticipated at $949, then $974, and then $1,007.
Monex spot palladium prices opened the week at $643 . . . traded as high as $648 on Tuesday and as low as $615 on Friday. . . and the Monex AM settlement price on Friday was $622, down $20 for the week. Palladium support is now anticipated at $615, then $597, and then $560 . . . and resistance anticipated at $645, then $670, and then $707.
QUOTES OF THE WEEK:
From Zandi Shabalala in the October 921st Reuters Gold Market report:
''PRECIOUS-Gold prices set for first weekly gain since September''
''ISTANBUL, Oct 21 Gold barely budged on Friday as rising demand from Asia was offset by a strong dollar but the precious metal remained on track for its first weekly rise since the week ending Sept. 30.''
''Spot gold steadied at $1,266.21 and ounce at 1408 GMT but was headed for a weekly gain of more than 1 percent, clawing back part of the 6.5 percent shed over the last three weeks.
U.S. Gold futures were flat at $1,267.
Gold demand from Asia, including China, India and exchange-traded funds (ETF), has helped prop up prices this week.''
''There is accelerating physical gold demand in Asia and particularly in India which has helped prices,'' Commerzbank commodity analyst Carsten Fritsch said, adding that Indian demand had improved after lacklustre sales last year.''
''Holdings of the SPDR Gold Trust, the world's largest gold-backed ETF, rose 0.31 percent to 970.18 tonnes on Thursday. SPDR holdings have risen 2.3 percent so far this month.''
''The euro hit a seven-month low against the dollar after the European Central Bank poured water on a tapering of its asset buying programme, keeping the door open for more stimulus this year.''
. . . and from Barbara Kollmeyer, in a posting on the MarketWatch website on October 21st:
''Mirror, mirror on the wall, which asset is most mispriced of all? According to a Goldman Sachs alum who predicted the financial crisis in 2008, it's gold.
The precious metal should be a lot more expensive when the likelihood of a global financial collapse and a move toward negative interest rates is accounted for, says Global Macro Investor founder Raoul Pal, who now sees a U.S. recession within 12 months.''
''Pal, an economist and strategist, also co-founded Real Vision TV, which conducts interviews with prominent investors. Many of his recent guests share his enthusiasm for gold, according to Pal.
'All the really serious thinkers are interested in gold,' he said.
Pal's core presumption -- one he's held since 2014 -- is bad news for the U. S: He is convinced the country is headed for recession within a year. 'The business cycle points to that,' he said, 'and 100% of all two-term elections have had a recession within 12 months since 1910.' ''
''Should his prediction come true, Pal says, gold prices could double. If central banks want to get active and combat a slowing economy, he says, they will try to stimulate the economy via printing money or more easing, all of which plays 'into the hands of gold.' ''
Last update: Oct 21, 2016 12:21:34 PM
This is not a recommendation to buy or sell.