Precious Metals & Trade War

Platinum and Palladium

Platinum, on the other hand, started high and dipped its way up and down before settling lower. All told, it experienced a 1.886% decrease over the course of the week. For palladium, the story was similar, with it starting Monday morning at $1001.75 and this morning at $978.05. Last week we reported on the possible tariffs that the Trump administration was considering applying to steel and aluminum products. These were officially signed on Thursday, exempting only Canada and Mexico. In response, the European Commission announced an increase of import duties for U.S. bourbon, orange juice, and other products. This 25% charge on steel imports and 10% on aluminum started worrying people about the possibility of a trade war.

Gold and Silver

Gold took investors on a ride this week, spiking dramatically from $1321.90 up to $1341.50 on Wednesday before dropping to the week’s low point of $1318.40 this morning. Silver seemed to be following the same model, experiencing a growth of 2.673% on Wednesday, when it increased from $16.46 to $16.90, and then dropping this morning to its original starting point of approximately $16.60.  

Bitcoin

Bitcoin suffered a 24% decline this week, falling below the $9000 point. Late last night it had dipped as low as $8587.05, and at the time of writing is trading at $8952.78. This low point was reached following the announcement by the United States Securities and Exchange Commission regarding the registration requirements of digital assets that are securities. Previously, Japan had been a place of support for cryptocurrency. Following the $530 million theft of virtual tokens from Tokyo-based Coincheck, regulatory attention has increased. This could also be a cause for this dip. The nonfarm jobs report is due at 8:30 EST today, including information on the new jobs added last month and the movement of the country’s wages. This report has a large impact on the Fed’s decision-making for interest rates. While awaiting this news, the dollar is bumping up and down.

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 bitcoin and other cryptocurrencies. Bullion Exchanges is located at 30 West 47th Street in New York City’s Diamond District and is open Monday through Friday from 9 A.M. to 5 P.M. or online anytime at BullionExchanges.com.  All market review articles are provided as a third-party analysis and do not represent the views of Bullion Exchanges. Do not consider this article as financial advice

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