Gold, Silver Cross Key Spot Price Thresholds

Gold and silver prices took another dive Monday as investors evaluated the meaning of the United States’ new deal with Iran. As of 5pm CST gold was down $7.80 to $1250 per ounce while silver was down $0.02 to $19.82. With gold below $1300 and testing $1250, and silver below $20 per ounce the bears have the technical advantage and the Iranian nuke deal could put more downward pressure on gold and silver values.

Iran has agreed to halt its uranium enrichment, which the Tehran has claimed is for energy and space exploration purposes. Outsiders believe that Iran is very close to obtaining weapons-grade uranium, and news that enrichment would cease in return for lighter sanctions buoyed U.S. stock markets and the U.S. Dollar Index.

The majority of commodities fell in unison with oil, gold, silver and sugar ending the day in the red. Platinum broke away and posted a slight gain for the day, as did palladium. Oil and gold fared the worst, as the Iranian deal means that previously prohibited Iranian oil could now flood the market. Gold, traditionally purchased as a safe-haven hedge, lost favor with some investors but by all accounts “mom-and-pop” demand is still quite high.

In recent weeks gold and silver dealers have reported that interest in gold ETFs, mining stocks and pool accounts is down, while demand for privately-held physical gold and silver investments is holding steady. The reports corroborate what the U.S. Mint has been reporting lately, specifically that declining gold and silver spot prices have done little to satiate household investors’ appetite for gold and silver coins and bullion.

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