In a change from yesterday, we received some good news in precious metals, with gold and silver bumping up a bit, gold reaching $1,316.10. Platinum and palladium both still continued their trend downwards, with palladium sinking down to $982.70.
At time of writing, these are the prices:
|Price of Gold||$1,315.70||+ 0.0913 %|
|Price of Silver||$16.48||+ 0.8485 %|
|Price of Platinum||$981.00||– 0.6776%|
|Price of Palladium||$982.70||– 1.7683%|
Twitter had a great fourth quarter, expecting revenue of $686.1 million that was, in fact, $732 million. It earned 19 cents per share, which was 5 above projections. After the announcement of this news, its stock prices shot up by over 21% in the pre-market trading.
Last week the number of Americans applying for unemployment benefits dropped to the lowest level experienced in close to 45 years, causing increased expectations of wage growth to continue for the rest of 2018. The unemployment rate is at a similar low of 4.1%, the lowest point reached in 17 years. Additionally, the Labor Department released a report stating the growth of average hourly wages by 2.9% last month. With all of this news, the chance of inflation increasing towards the 2% target set by the Federal Reserve this year seems very high.
Although Tesla Inc. just experienced its largest-ever quarterly loss of over half a billion dollars, which ended the year that it lost over $1.4 billion, CEO Elon Musk has only high expectations for the company in 2018. He predicted the coming year would be transformative, and is confident in the generation of profit for 2018.
It’s been a red week for Wall Street, with Monday’s numbers the worst point-based decline in history. Experts are urging investors not to panic, some citing the numbers outside of the last 10 days, which are very positive. Corporate earnings, consumer metrics, and the housing market all look strong. For now, it’s just waiting to see when the numbers turn around.
The sell-off on Wall Street caused a drop in European stocks today, which seemed unable to capitalize on Wednesday’s gains. While the U.S. dollar increased on Wednesday, the euro lowered. The Bank of England is set to make its quarterly inflation report which could provide clues for investors regarding interest rates in the U.K.
Bitcoin is trading at $8,423.01 at time of writing, causing some to predict that this could be the bottom and estimating a possible climb from here.
Bullion Exchanges is located at 30 West 47th Street in New York City’s Diamond District and is open Monday through Friday 9 A.M. to 5 P.M., by phone at 800.852.6884, or online anytime at BullionExchanges.com. Our friendly team can address your Precious Metals investing questions and can help you with any bullion purchasing or selling requests.
All market review articles are provided as a third-party analysis and do not represent the views of Bullion Exchanges. Please do not consider this article as financial advice in any way.