Gold and Other Precious Metals News

Gold & Silver

Gold took investors on a bit of a ride this week, kicking off the week with a sizable drop-off from $1325.40 on Monday morning down to $1317.20 on just Monday evening. It regained some ground over the course of the week but took another dip yesterday and this morning is back to the area of that Monday low-point of $1317.80. Silver, on the other hand, spent the week climbing but also took a hit yesterday and is looking to close the week at a 1.199% decrease, at $16.47.

Platinum & Palladium

Palladium and platinum are similarly ending the week at a lower point, platinum at a weekly decrease of 1.667% and palladium of 1.136%. Both were moving up throughout the week, particularly on Wednesday, but spent Thursday decreasing.   With yet another departure from the White House, stock futures are taking a dip and American investors are concerned. This combined with the speculation regarding a possible trade war is pushing more volatility into the market and left its mark this week. Every time a major personnel change is made in the White House, the stock markets take a hit. This latest departure is of Secretary of State Rex Tillerson. It doesn’t help matters that rumors are now swirling that the National Security Adviser, Lt. Gen. H.R. McMaster, could also be on his way out. As speculation increased, the dollar sank against the Japanese yen.

Warren Buffet of Asia

The man called the “Warren Buffet of Asia”, Li Ka-Shing, announced his retirement today.  At one point, Li was Asia’s wealthiest man. The story of how he came to be so successful is well-known to many. He got his start working the line in a plastic factory at 15, following the death of his father. From poverty to the owner of two major companies which together have a market capitalization of approximately $80 billion. Li played a major role in making Hong Kong the financial and business stronghold of Asia that it is today. The Bank of England released a statement today warning of material risks to the financial systems. Both the U.K. and the greater European Union as a consequence of Brexit. The Financial Policy Committee meets regularly to analyze data. As a result, they look for any warning signs in regard to the financial stability of the country. Cross-border contracts and insurance were the major risks. There was seen a possibility of policyholders in opposing jurisdictions being unable to receive claims or pay premiums. The official date of the U.K. leaving the EU is right around the corner. March 29 at 11 p.m., London time.

***

Ripple CEO Brad Garlinghouse advised digital currency entrepreneur hopefuls to hold onto a portion of any proceeds they make, predicting that lawyers will be the biggest winners of the cryptocurrency world in an interview on Thursday with CNBC. “Entrepreneurs need to be eyes open… The winners are going to be the lawyers because they’re going to help you issue the token and then they’re going to help you defend it,” he stated. Initial coin offerings, called ICOs, have started popping up in response to the hyper-awareness of the top forms of cryptocurrency. As of last month, approximately 46% of ICOs that began last year have failed. Garlinghouse noted some already active lawsuits of this type in his interview. Ripple is the third-largest cryptocurrency on the scene and is currently trading at $0.69.

Every week, Bullion Exchanges brings you the latest and most significant news that’s most relevant to you. Stay tuned to our blog for updates on precious metals, the newest releases in bullion, the most relevant information in politics, and what’s going on at the moment in the world of cryptocurrencies. 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. 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 a third-party analysis and do not represent the views of Bullion Exchanges and should not be considered as financial advice.

Other articles: COVID Gold Market Impact from Strained Economy, Commodity Sector & Investors, Celebrate New Year with Lunar Series, Valiant Silver Coin - Royal Mint.