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Gold, Silver Rise 2.5% and 3.2% As ‘Trump Trade’ Fades

Commodities / Gold and Silver 2017 Mar 27, 2017 - 05:03 PM GMT

By: GoldCore

Commodities

Gold and silver jumped another 1% overnight in Asia, building on the respective 1.5% and 2.2% gains seen last week. The ‘Trump trade’ is fading, impacting stock markets and risk off has returned to global markets with the Nikkei, S&P 500 futures and European stocks weakening.

The precious metals had their second consecutive week of gains last week. Gold rose 1.5% and silver 2% while platinum rose 0.5% and palladium surged 4.8%. Today, gold has risen from $1,247.90 to a one month high of $1,259 per ounce and silver from $17.74 to $17.92 per ounce.


Market Performance 2017 YTD 

The precious metals continue to outperform most assets in 2017. Year to date, gold is 9% higher and silver is 11.7% higher. Platinum is 8.4% higher and palladium has surged 18% to two year highs.


NOTE to U.S. Tax Residents regarding Storing Offshore

GoldCore are not restricted in dealing with US residents due to Fair and Accurate Credit Transactions Act (FACTA), as we are not deemed to be a designated financial institution.

GoldCore is not a financial institution and the primary business of GoldCore is to act as a specialist provider of gold and silver bullion coins and bars for delivery and secure storage through our partners. These are not regulated financial services activities.

Thus, GoldCore are a non-financial foreign entity (NFE) and considered a non-financial foreign entity (NFFE) by the U.S. government.

Some vault providers will not allow U.S. residents to store their bullion directly in their vaults. GoldCore provide precious metals coin and bar storage and delivery for our U.S. clients in Loomis Zurich, Loomis Hong Kong and Brinks Singapore.


Gold and silver have eked out gains as the dollar and stocks have come under pressure after U.S. President Donald Trump failed in his attempts to abolish Obama care. Trump suffered a major political setback on healthcare reform, raising doubts about his ability to steer the economic agenda.

The dollar has fallen to the lowest level in five months and stock markets globally are seeing sharp falls today. Trump’s inability to deliver on a major election campaign promise marked a big defeat for a Republican president whose own party controls Congress, and raised doubts whether he would be able to push through tax reforms and mega-spending packages.

Growing U.S. political  uncertainty is creating concerns that a recent pick-up in global business and consumer sentiment, particularly in Asia, may be impacted.

Bullion coin and bar demand remains robust. US Mint data shows that strong demand for gold and silver coins continued last week.

Sales of gold coins were the highest since the week ended February 10 and silver coin sales were the highest since the week ending January 20.

As reported by Coin News:

Gold coins advanced by 13,000 ounces after rising by 8,000 ounces last week. Splits include 9,000 ounces in American Gold Eagles compared to 5,500 ounces previously and 4,000 ounces in American Gold Buffalo compared to 2,500 ounces previously.

Silver coins jumped by 795,000 ounces compared to 220,000 ounces previously. And like in the last two weeks, American Silver Eagles accounted for all sales.

US Mint Bullion Sales (# of coins)
Friday Sales Last Week This Week Feb Sales Mar Sales 2017 Sales
$100 American Eagle 1 Oz Platinum Coin 0 0 0 0 0 20,000
$50 American Eagle 1 Oz Gold Coin 0 2,500 8,500 21,000 14,500 122,000
$25 American Eagle 1/2 Oz Gold Coin 0 1,000 0 5,000 1,000 25,000
$10 American Eagle 1/4 Oz Gold Coin 0 2,000 0 4,000 2,000 42,000
$5 American Eagle 1/10 Oz Gold Coin 0 20,000 5,000 30,000 35,000 190,000
$50 American Buffalo 1 Oz Gold Coin 0 2,500 4,000 15,000 7,000 54,000
$1 American Eagle 1 Oz Silver Coin 0 220,000 795,000 1,215,000 1,295,000 7,637,500
2017 Effigy Mounds 5 Oz Silver Coin 0 0 0 19,500 0 19,500

Speculators became bullish on gold and raised net gold longs last week. Bullion banks, hedge funds and money managers boosted their net long positions in COMEX gold after two weeks of cuts and reduced them slightly in silver in the week to March 21, U.S. Commodity Futures Trading Commission (CFTC) data showed on Friday.

There is now the real risk that Trump becomes a “lame duck” President and that his business friendly policies struggle to be enacted. This bodes badly for stocks and the dollar and well for safe haven gold which should continue to see risk averse flows.

Gold Prices (LBMA AM)

27 Mar: USD 1,256.90, GBP 1,000.49 & EUR 1,157.86 per ounce
24 Mar: USD 1,244.00, GBP 996.20 & EUR 1,150.82 per ounce
23 Mar: USD 1,247.90, GBP 997.95 & EUR 1,157.93 per ounce
22 Mar: USD 1,246.10, GBP 999.50 & EUR 1,154.76 per ounce
21 Mar: USD 1,232.05, GBP 989.21 & EUR 1,141.37 per ounce
20 Mar: USD 1,233.00, GBP 993.92 & EUR 1,146.57 per ounce
17 Mar: USD 1,228.75, GBP 991.85 & EUR 1,140.53 per ounce

Silver Prices (LBMA)

27 Mar: USD 17.94, GBP 14.25 & EUR 16.51 per ounce
24 Mar: USD 17.63, GBP 14.11 & EUR 16.31 per ounce
23 Mar: USD 17.55, GBP 14.04 & EUR 16.27 per ounce
22 Mar: USD 17.58, GBP 14.12 & EUR 16.30 per ounce
21 Mar: USD 17.31, GBP 13.88 & EUR 16.01 per ounce
20 Mar: USD 17.23, GBP 13.92 & EUR 16.03 per ounce
17 Mar: USD 17.40, GBP 14.08 & EUR 16.21 per ounce

Mark O'Byrne

Executive Director

This update can be found on the GoldCore blog here.

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