$GLD and $SLV Prices as of May 18 2020 @moneymetals
10:25 AM
May 18, 2020 – Gold and silver prices broke out to multi-week highs last week and are following through this morning.
Stock prices had moved relentlessly higher over the previous 6 weeks, fueled by trillions in Fed stimulus. However, the economic fundamentals continue to deteriorate. Another 3 million Americans filed for unemployment last week taking the recent total to 36 million.
Silver outshone gold for the second straight week, and by a fairly significant margin. The gold/silver ratio has dropped from 113 to 102 over the past two weeks and could be making a run at 100 today.
Precious metals performed well despite strength in the U.S. dollar. The DXY index rose back above 100. So far, the Fed’s extraordinary monetary policy measures have not blunted demand for Federal Reserve Notes overseas.
The dollar continues to be the best-looking house in a very bad neighborhood.
President Donald Trump is talking tough with regards to China. The trade deal reached early this year ago may be falling apart. The President suggested cutting off “the whole relationship” last week.
He and other Americans place a large amount of blame on China for the COVID-19 epidemic. China has also failed to increase imports of U.S. commodities. First quarter imports this year lagged behind levels from the same period a year ago – despite trade commitments made in January.
Demand for physical bullion picked up last week, despite spot prices moving higher.
Premiums for some silver products, including 1-ounce silver rounds and 90% silver, dropped to the lowest levels in two months. That is undoubtedly helping demand, but new supply shortages are likely to emerge if the buying activity continues to increase.
Check out live precious metals prices here:
https://goo.gl/gy5XMA
Stock prices had moved relentlessly higher over the previous 6 weeks, fueled by trillions in Fed stimulus. However, the economic fundamentals continue to deteriorate. Another 3 million Americans filed for unemployment last week taking the recent total to 36 million.
Silver outshone gold for the second straight week, and by a fairly significant margin. The gold/silver ratio has dropped from 113 to 102 over the past two weeks and could be making a run at 100 today.
Precious metals performed well despite strength in the U.S. dollar. The DXY index rose back above 100. So far, the Fed’s extraordinary monetary policy measures have not blunted demand for Federal Reserve Notes overseas.
The dollar continues to be the best-looking house in a very bad neighborhood.
President Donald Trump is talking tough with regards to China. The trade deal reached early this year ago may be falling apart. The President suggested cutting off “the whole relationship” last week.
He and other Americans place a large amount of blame on China for the COVID-19 epidemic. China has also failed to increase imports of U.S. commodities. First quarter imports this year lagged behind levels from the same period a year ago – despite trade commitments made in January.
Demand for physical bullion picked up last week, despite spot prices moving higher.
Premiums for some silver products, including 1-ounce silver rounds and 90% silver, dropped to the lowest levels in two months. That is undoubtedly helping demand, but new supply shortages are likely to emerge if the buying activity continues to increase.
Check out live precious metals prices here:
https://goo.gl/gy5XMA
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