The metals markets open the new week battered after a second week of heavy selling that pushed prices through lower support levels. These prices have not been seen since last August.
Prices suffered last week after traders in the futures markets sold in reaction to bearish technical signals, including gold’s 50-day average price falling below the 200-day average. Investors also reacted to the release of the latest Federal Reserve meeting minutes which included hints that the Fed may need to tighten monetary policy.
As usual, the heavy selling in futures markets was met with heavy buying in the physical bullion markets. Bargain hunters came out to take advantage of the big downward move and kept our Specialists at Independent Living Bullion very busy.
Current spot prices:
Gold: $1,590oz, down $21 (was $1,611) from this time a week ago.
Silver: $29.10- down $.99 (was $30.09) week-over-week.
Platinum: $1,623 – down $67 (was $1,690) since last Monday.
Palladium: $753/oz – down $8 (was $761) from this time a week ago.