Yesterday saw a dip for all four precious metals prices. The highest felt decreases were that of gold and palladium, with palladium suffering a nearly $22 drop. Silver’s change continued to be minor, dropping by $0.05, and platinum fell by about $7.50.

At time of writing, these are the prices:

Percentage Change

Price of Gold

$1,324.60

– 0.9574 %

Price of Silver

$16.74

– 0.7147 %

Price of Platinum

$988.80

– 0.6833%

Price of Palladium

$1,000.70

– 2.0265%

 

The US stock market is continuing its downward trend, falling far into the red right before Wednesday’s open. Yesterday’s opening was low, but the Dow Jones average was able to rally and close up at 24,912.77. Better news out of the European and Asian markets, with the Asia-Pacific markets closing higher and the European market, after a major decline on Tuesday, having a strong open this morning. This major volatility has pushed the fear level on Wall Street high, with the VIX index showing it as more than three times what it was just last Thursday.

Late last night, House Republicans passed a temporary spending bill in order to prevent yet another government shutdown that would have occurred at midnight on Thursday. It will fund the military through September and the rest of the government for six weeks.

February usually kicks off the beginning of spring buying in the housing markets, but not so this year. Open houses across the nation reported a high volume of attendees, but with home prices at the highest rate they’ve been in four years and the number of homes for sale at a record low, there are not many buying.

Bitcoin has all kinds of different news being reported, with Goldman Sachs stating their full expectation for most cryptocurrencies to fail with their value reaching zero, comparing the current situation to the internet bubble of the late 1990s. However, others are feeling optimistic following the rebound today of Bitcoin bumping back up to just over $8000. Some experts are even predicting a bull run surpassing that of last year’s with cryptocurrencies sweeping past the trillion-dollar mark.

RBC analyst Chris Louney spoke yesterday about the discovery of a possible correlation between the prices of Bitcoin and gold. In December when the cryptocurrency reached its highest point of nearly $20,000, he noticed that Google searches for “bitcoin” skyrocketed. From there, he noticed a marginal negative relationship between the two. He’s unable to say for certain what their relationship is, but as time goes on he expects this correlation to grow.    

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All market review articles are provided as a third party analysis and do not represent the views of Bullion Exchanges and should not be considered as financial advice in any way.

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