Gold and Silver Report 18 May 2015

Gold enjoyed a prosperous week as the U.S. continued to receive downbeat economic data, causing the dollar to fall. This and weakness in other markets helped offset reduced fears as Greece made a key payment to the IMF and high performing yields.

Price and charts snapshot:

Commodity Units Price Change % Change
COMEX Gold (Jun 15 delivery) USD/t oz. USD$1,225.30 ($1,523.91)

+0.10

+0.01%

Gold Spot USD/t oz. USD$1,224.80 ($1,523.29)

+3.66

+0.30%

COMEX Silver (Jul 15 delivery) USD/t oz. USD$17.56 ($21.84)

+0.10

+0.56%

US Dollar Spot USD/t oz. USD$17.51 ($21.78)

+0.05

+0.27%

Source: bloomberg

Source: NASDAQ

On Monday gold prices held after weaker U.S. jobs data in April and downward revisions to previous figures suggested the Federal Reserve would be in no hurry to raise interest rates next month.[1] On Tuesday, gold struggled with some small overnight losses at first, as Greece calmed fears by making a critical payment to the International Monetary Fund.[2] However, the metal rose 1% near a one-week high as the U.S. dollar and European shares dropped from a sell-off in global bonds. On Wednesday gold jumped 2%, and silver climbed 3.4%, both to five-week highs, as the U.S. dollar hit a three-month low after disappointing employment data[3]. On Thursday gold hovered near the five-week high supported by overnight gains from poor U.S. retail sales data that showed households cut back on purchases signalling the economy was struggling to rebound.[4] On Friday gold held the gains, sitting near three-month highs, as expectations the Federal Reserve would soon hike U.S. interest rates receded.

Recent economic reports have suggested the U.S. economy is not strong enough for a rate hike in June. U.S. nonfarm payrolls increased only slightly lower than market expectations but March payrolls were revised downwards, to their smallest since June 2012. The data boosted gold’s safe haven appeal. Eugen Weinberg from Commerzbank said “If the data remains soft in the United States, this rally has potential. When data is more on the soft side, the market will be looking for indications on when the Fed will be raising interest rates.” However, unemployment dropped to a near-seven-year low, suggesting underlying strength in the economy, that mean a rate rise later in the year is still possible, capping gains in gold.[5]

Weakness in other markets also supported gold this week, offsetting pressure from rising yields which would otherwise weigh on gold, as they increase the opportunity cost of holding non-yielding bullion. U.S. 10-year yields rose to a more than five-month high above 2.3% , boosted recently by higher German Bunds. Gold remains vulnerable to a further jump in yields, but for now, as Commerzbank analyst Carsten Fritsch said “Today it is two to one in favor of rising gold – weak U.S. dollar and weak stocks versus rising bond yields.

Author Lisa Casagrande | https://www.goldbullionaustralia.com.au/articles/gold-and-silver-latest-news/it-was-a-mixed-week-for-precious-metals

[1] http://www.reuters.com/article/2015/05/11/markets-precious-idUSL3N0Y21R720150511

[2] http://www.reuters.com/article/2015/05/12/markets-precious-idUSL3N0Y308F20150512

[3] http://www.reuters.com/article/2015/05/13/markets-precious-idUSL3N0Y44OW20150513

[4] http://www.reuters.com/article/2015/05/14/markets-precious-idUSL3N0Y506G20150514

[5] http://www.reuters.com/article/2015/05/11/markets-precious-idUSL3N0Y21R720150511

[6] http://www.reuters.com/article/2015/05/12/markets-precious-idUSL3N0Y34QV20150512

Keep informed of live spot prices, news and specials.

If you would like to stay informed about up to the minute pricing, market news and specials, subscribe here.

Live Prices

Gold

Silver

Gold

2,558.30/oz

Silver

29.68/oz

Gold

2,558.30

Silver

29.68

Latest Post

Where Are We Headed: Inflation, Asset Markets, Currencies, Commodities & Precious Metals

China’s Imports Shift Platinum Into A Global Deficit, Presenting A Conundrum To The Industry

THE CRUNCH IS COMING FOR SOUTH AFRICAN PLATINUM MINES, BY WAY OF WAGE DEMANDS

Interest Rates Rising: A Very Bullish Signal For Precious Metals

IMMENSE SEASONAL BUYING OPPORTUNITY IN GOLD, SILVER & PLATINUM IS UPON US

Mining Platinum Group Metals – Part 2

South African Platinum Mine Supply in Decline as Demand Gains Significant Traction – Part 1

Auctus Metal Portfolio Overview – 1 November 2021

UK Hydrogen Strategy 2021 Platinum Long-Term Demand Moves Ever Higher

WHY HAVE PRECIOUS METALS UNDERPERFORMED IN 2021?

MASSIVE EXPLOSION AT ESKOM’S NEW POWER UNIT ‘MEDUPI’

Understanding Why Precious Metals Are Undervalued

The Impact of South Africa’s energy crisis on PGM mine supply

CYCLICAL TRENDS IN PRECIOUS METALS

WHY METAL FALLS?

Auctus Metal Portfolio Overview – 1 June 2021

Price Volatility & Correction In Platinum Group Metals ( PGM’S ) in May 2021

A CASE FOR PLATINUM

THE SLINGSHOT SETUP IN PRECIOUS METALS

PLatinum (Pt) UPDATE

PRICE FALLS IN METALS

The Hare and The Tortoise Story

Immense Seasonal Buying Opportunity in Gold, Silver & Platinum Is Upon Us

The impact of the COVID-19 pandemic on South African PGM supply, on global supply and ultimately on the price of platinum, palladium and rhodium. – Part 3

The impact of the COVID-19 pandemic on South African PGM supply, on global supply and ultimately on the price of platinum, palladium and rhodium. – Part 2

The impact of the COVID-19 pandemic on South African PGM supply, on global supply and ultimately on the price of platinum, palladium and rhodium. – Part 1

AUCTUS Company Portfolio Models Overview as of 1st June 2020

Gold and precious metals are among the safest investment assets during a global crisis

Investing in and Retaining a precious metal portfolio during the COVID-19 pandemic

How Cheap is Gold as of April 2020

Anglo Platinum

Platinum – Supply and Demand

Platinum price to rise as “climate change” pressure gains traction

David Davis

Auctus Metals Breaks+50% Annual Net Returns for Year 2019

Big Profits in Buying Gold, Silver & Platinum in December

What’s the difference between and optimist and a pessimist?

Our Clients Portfolio Performance Spectacular Chart Performance – 3 charts

Silver Technical Picture Price Outlook

China Devalues their Currency

Palladium – the quiet achiever of the Precious Metals Portfolio

Diversification within Precious metals – The Potential is Incredibly Compelling

Why Silver is seriously Bearish

Forecasts are now becoming mainstream plus platinum

Historical Precedent in Silver & Gold

The perfect storm slowly starts to hit and can no longer be ignored

A Momentum Lead Capitulation in Platinum, A Major Triple Bottom Develops?

Black swans darkening the sunlight out from view

WHAT IS IT ABOUT PGM’s (Platinum Group Metals)?

Have you considered Rhodium?

Historical Investment Opportunity Presents Itself

Bullion Banks ARE Now the Most Bullish on Silver in Decades!

A Confluence of Events in Silver Are Coming Together

A Confluence of Events Leading to Silver Price Rise

We are currently at a 1 in 5-year event

DEBT CRISIS, CRYTOCURRENCY, PROPERTY AND A MONEY TSUNAMI

First Bullion Bulletin – Update with David Mitchell

Porsche Gold Rush: Special operation for Porsche on the streets of London

METALS, STOCKS & BONDS

Happy New Year – what is happening at GBA and precious metal investing

HOLIDAY TRADING

NOT ALL THAT GLITTERS IS GOLD

This Week’s Specials

PERTH MINT YEAR OF THE DOG 2018 GOLD & SILVER BULLION COINS

The Biggest Opportunity in Precious Metals Since Late 2015, and the Last Chance at These Prices ?

Please tell us what you think of the new GBA website!

X
2,558.30
29.68