Spot Prices Are Down

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While the spot price of gold enjoyed a relatively stable week, the spot price of platinum and palladium underwent major swings on Wednesday, climbing up before experiencing huge decreases on Thursday, and both able to regain some ground late Thursday evening and early this morning.

Silver spot price changes were once again more minor, while it did gain and lose some ground it’s looking like it will close the week where it began, at or around $16.50. The big news this week is that of the tariffs Trump has enacted. This has incited outrage, confusion, and promises of retaliation out of the European Union, Asia, and Canada. The administration announced its plans yesterday to enact new import tariffs on steel by 25% and aluminum by 10%.

There are concerns that this will lead to a weaker global trading system, and the move has drawn ire and confusion from both parties. Right now it’s unclear who exactly they apply to, whether all-encompassing or limited to only a few countries. Canada would be particularly affected by this, and has already promised to introduce countermeasures, the Trade Minister calling the tariff possibility “unacceptable”.

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This announcement has also had a negative impact on the markets, leading to speculation over possible trade-wars in the future.

Among those hardest hits were Boeing, United Technologies, Intel. The Dow Jones Industrial Average took a hit of 420 points. It is also possible that this move could lead to rising prices of everyday items like soda and beer, or anything that comes in an aluminum can, as well as other products of aluminum and steel such as Macbooks, car parts, and even Hershey Kisses.

Rising prices, in turn, cut profits and there are also fears that they could eventually lead to layoffs. For now, Trump has promised the official order will be signed next week.

Bitcoin is currently trading at $10,980.97 at the time of writing. It managed to reach $11,165.66 yesterday after spending the week stuck in the $10,000 range. This growth is good news, but it is unclear whether it will be able to maintain these gains.

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 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. They do not represent the views of Bullion Exchanges. Please do not consider them as financial advice.

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