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 - APRIL 17, 2014

In the precious metals markets this week . . . 

GOLD:
Monex spot gold prices opened the week at $1,323 . . . traded as high as $1,331 on Monday and as low as $1,291 on Tuesday . . . and the Monex AM settlement price on Thursday was $1,294, down $29 for the week.  Gold support is now anticipated at $1,277, then $1,242, and then $1,180 . . . with resistance anticipated at $1,307, then $1,335, and then $1,378.

SILVER:
Monex spot silver prices opened the week at $19.81 . . . traded as high as $20.05 on Monday and as low as $19.28 on Tuesday . . . and the Monex AM settlement price on Thursday was $19.61, down $.20 for the week.  Silver support is now anticipated at $19.45, then $19.16, and then $18.80 . . . and resistance anticipated at $19.81, then $20.18, and then $20.85.

PLATINUM:
Monex spot platinum prices opened the week at $1,466 . . . traded as high as $1,469 on Tuesday and as low as $1,420 on Thursday . . . and the Monex AM settlement price on Thursday was $1,420, down $46 for the week.  Platinum support is now anticipated at $1,417, then $1,395, and then $1,368 . . . and resistance anticipated at $1,467, then $1,490, and then $1,547.

PALLADIUM:
Monex spot palladium prices opened the week at $810 . . . traded as high as $815 on Monday and as low as $790 on Tuesday . . . and the Monex AM settlement price on Thursday was $798, down $12 for the week.  Palladium support is now anticipated at $791, then $773, and then $747 . . . and resistance anticipated at $807, then $825, and then $860.

QUOTES OF THE WEEK:

From Richard Russell, editor of Dow Theory Letters, in remarks posted on his website on April 14th:

''Big debt is deflationary because it takes a lot of needed cash to carry big debt.  The US has doubled its total debt over the last seven years, and this in the face of almost zero interest rates.  The US is now borrowing just to pay the interest on its debt.  We're compounding ourselves into national bankruptcy.

Make no mistake about it -- what we're now experiencing is not a gathering stock market correction.  This is the resumption and continuation of the primary bear market that the Fed interrupted at the 2009 low.  Once a primary trend gets underway, it will always carry to conclusion.  Primary bear markets don't end with Fed interruptions -- they end in exhaustion -- when the last investor can't take it any longer and when the last investor throws in his stocks for whatever the market offers.

With the dollar now collapsing, it will require an increasing number of dollars (i.e. Federal Reserve notes) to buy an ounce of silver or gold.  When junk fiat currencies around the world start to crash, people will rush to own tangible Constitutional money -- silver and gold.

The primary bear market in stocks has been held back for years.  Meanwhile the primary bear trend of the economy has been hidden or disguised by the 'manufactured' upward rebound in the stock market.  The stock market has been held back and stretched as if it were a spring that has been pulled away from its base.  Now the spring is pulling back towards its original shape.

What should you and I do?  Do just what I've been saying for many weeks.  Sit on the sidelines with physical silver and gold -- and watch history unfold.''

. . . and from Matt Kibbe, in a ''Viewpoint'' editorial on the ''Issues & Insights'' page of Investor's Business Daily on April 15th:

''Has it ever made sense to give so much unchecked power and authority to unelected and virtually unfireable government bureaucrats?  Can we trust them to be better than the rest of us?  Can we trust them to know better than to use their positions of power to advance their personal agendas?''

''There is no such thing as a perfect politician, or a bureaucrat without bias or an agenda.  After all, they're only human like the rest of us.  That's why the political philosophy of liberty is based on the rule of law, not the arbitrary rule of man.''

''The agency alphabet soup that now exerts so much selective authority over us -- whether it's the IRS, FBI, NSA, BLM or the HHS -- is out of control.

It used to be well understood that they worked for us.  Today, this army of government employees acts like an immensely powerful special interest, and behaves as if we work for them.

It's no longer about Republicans vs. Democrats, or the Tea Party against the GOP establishment.  It's not about good government vs. bad government.

It's about limiting our runaway government's monopoly on force and unleashing the freedom to try, to choose, to take responsibility and to make things better for our families and communities.

We should be left free to speak our minds and pursue our own dreams, as long as we don't hurt other people, or take their stuff.''

. . . and from Mary Anne and Pamela Aden, editors of The Aden Forecast, in the April issue of their newsletter:

''Palladium is bullish and we continue to recommend buying and keeping a position.  It has a lot going for it.

It's used in auto catalytic converters, and with strong car sales in China and the U.S., this metal has plenty of demand.

It's also in a delicate supply situation as tensions in Russia grow.

Technically, palladium is in a 45 year upchannel and it's been rising steadily since its 2008 lows.  With the leading indicator in bullish mode, it looks like palladium could eventually break into record territory above the 2000 peak.''

Last update: Apr 17, 2014 11:16:25 AM

This is not a recommendation to buy or sell.

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