Precious Metals In Review

Your Week in Review: Precious Metals: February 19 - February 23

While last week saw steady growth for precious metals, this week wrapped with a decrease across the board, excluding the value of palladium. Gold started the week strong at $1352.10 but experienced a sharp fall on Wednesday down to $1327.70, and managed to recover before dropping even further to $1323.71 on Thursday. By this morning, the total decrease of gold for the week was 1.738%. 

For silver, the fluctuations were tighter, with its lowest point also reached on Thursday, followed by a small recovery this morning to $16.67, giving it a weekly decrease of only 0.2394%.

Platinum

Platinum fell steadily over the course of the week before beginning a slow climb upwards late last night and was back up to $999.60 early this morning. Palladium moved all over the board this week, dropping early in the week, gaining ground, dropping once again, and then finishing at a higher point of $1042.80.

Bitcoin

Bitcoin has its investors and fans feeling hopeful after last week. It broke the $10,000 point and neared $12,000. This sparking speculation that it was on its way to breaking new records. But,  it crushed those hopes when it sank back down to $9730.98 yesterday. All is not lost at this stage, of course, but the wild swings are exhausting many of the cryptocurrency giant’s hopefuls. Other major cryptocurrencies are down this week as well: Ethereum by 3.7%, Litecoin by 7.4%, and Ripple by 7%.

Snapchat

If you’re a Snap stockholder, Kylie Jenner’s tweeting habits are more applicable to you than you might have thought. After the reality TV star tweeted a complaint about the popular app and mentioned no longer using it, shares shot down by 8%, making this its worst week since late 2017. Her comment followed the recent rollout of a total overhaul of the photo-taking social media app.

Recession?

The founder of America’s largest hedge fund, Ray Dalio, is estimating that there is a 70% chance of a recession hitting by 2020. To him, the market right now resembles a “pre-bubble” period. This follows the news out of the stock market on Wednesday when the Dow fell by 166.97 points an hour after the minutes were released from the policy-setting meeting held by the Federal Reserve. These minutes indicated the likelihood of more rate hikes happening this year. Inflation has been a big topic all week long, as speculation swings between whether or not real inflation is picking up.

U.S. Dollar

The U.S. dollar is still losing ground to foreign currencies, this week’s notable one being the Chinese yuan, which has gained 10% against the dollar since the beginning of last year. China is working hard to keep the yuan stable and avoid Trump’s threat last year of being named a currency manipulator.

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. As well as 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 at 30 West 47th Street in New York City’s Diamond District. We are open Monday through Friday. Our hours are 9 A.M. to 5 P.M. Or, online anytime at BullionExchanges.com. Our friendly team can address your Precious Metals investing questions. Additionally, they can help you with any bullion purchasing or selling requests. All market review articles are a third-party analysis. They do not represent the views of Bullion Exchanges. Readers should not consider it as financial advice in any way.

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