The Weekly Dig - October 28, 2016
Mick Carew, PhD
and The Haywood Mining Team
Gold Price Volatility Continues as Rate Decision Looms
Highlights:
As the U.S. elections draws nearer and prospects intensify, the price of gold has experienced significant volatility over the last few weeks. The first week of October saw the yellow metal push through the $1,300 per ounce level, briefly testing the $1,250 per ounce level (falling to $1,247 per ounce during intra-day trading on October 14). This last week has seen the gold price fluctuate between $1,260 and $1,275 per ounce, hitting the $1,284 per ounce level on Friday before settling at $1,276 per ounce at close.
While the U.S. election campaign remains controversial, particularly in regards to Donald Trump’s candidacy, the email scandal continues to haunt Hillary Clinton; on Friday news broke that the FBI would investigate additional emails that had surfaced relating to Hillary Clinton's use of a private email system that allegedly contained classified information. In turn, any event that potentially swings the electorate in Trump’s favour continues to be positive for gold as the republican candidate’s controversial policies and personal life divides the nation.
Meanwhile, the other precious metals varied in terms of performance for the week; platinum rose 4.5% to finish at $981 per ounce while palladium retreated 0.6%, while silver rose only slightly to finish at $620 and $17.77 per ounce respectively. Base metals prices jumped this week, with Copper and nickel prices finishing 4.5% and 4.6% higher to finish at $2.19 and $4.72 per pound respectively, while lead and zinc also gained ground. After rising above the $50 per barrel mark in recent weeks, WTI crude fell back to $49 per barrel this week, while the UxC weekly spot price for uranium remained below the $20 per pound level to finish at $19.59 per pound.
Quelle: stockcharts.com
Keine Kommentare:
Kommentar veröffentlichen