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 - FEBRUARY 27, 2015
In the precious metals markets this week . . .
Monex spot gold prices opened the week at $1,201 . . . traded as high as $1,219 on Thursday and as low as $1,192 on Tuesday . . . and the Monex AM settlement price on Friday was $1,213, up $12 for the week. Gold support is now anticipated at $1,197, then $1,165, and then $1,143 . . . with resistance anticipated at $1,216, then $1,227, and then $1,248.
Monex spot silver prices opened the week at $16.45 . . . traded as high as $16.79 on Thursday and as low as $16.05 on Tuesday . . . and the Monex AM settlement price on Friday was $16.57, up $.12 for the week. Silver support is now anticipated at $16.41, then $16.10, and then $15.80 . . . and resistance anticipated at $16.89, then $17.11, and then $17.47.
Monex spot platinum prices opened the week at $1,167 . . . traded as high as $1,191 on Friday and as low as $1,158 on Tuesday . . . and the Monex AM settlement price on Friday was $1,187, up $20 for the week. Platinum support is now anticipated at $1,175, then $1,155, and then $1,106 . . . and resistance anticipated at $1,206, then $1,221, and then $1,238.
Monex spot palladium prices opened the week at $781 . . . traded as high as $820 on Friday and as low as $780 on Monday . . . and the Monex AM settlement price on Friday was $818, up $37 for the week. Palladium support is now anticipated at $792, then $765, and then $746 . . . and resistance anticipated at $821, then $844, and then $875.
QUOTES OF THE WEEK:
From the article ''Apple set to buy a third of world's gold for luxury Apple Watch'', written by Rod Chester National Technology Writer, from News Corp Australia posted in the Technology section on the news.com.au website on February 26:
''APPLE is set to buy up one third of the world's gold in order to meed the demands of the new up-market Apple Watch, according to reports.
Following the prediction in The Wall Street Journal that Apple plans to sell one million top-of-the-range 18-karat gold Apple Watch Edition units a month, a new report reveals the massive impact that would have on the gold market and world economy.
The report in TidBits crunches the numbers working on the reasonable figure that each gold watch will contain 2 troy ounces (62.2 grams) of gold.
Based on the estimated sales figure, that means Apple will need 746 tons of gold a year - which is about 30 per cent of the world's annual production.
When you do the maths, that means Apple would be buying up nearly $30 billion in gold a year just for this one model of the Apple Watch - and that would impact on world gold prices and cause havoc with the world economy.
The author of the report admits it is an estimate and is based
on the Wall Street Journal predictions, which are not official
If the Wall Street Journal is right, however, then Apple is set
to take over nearly half of the world's luxury watch market.''
Last update: Mar 02, 2015 07:19:10 AM
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