Gold, Silver End Bearish Week on High Note

Gold and silver suffered substantial losses this week, most notably during Thursday’s trading session. On that day the gold spot price plummeted $17.10 while silver held on to most of its value, only falling $0.07 cents per ounce.

Most of gold’s 1.78% loss in the last 30 days came during the last five trading days, and the $17.10 of gold’s 30-day $23 per ounce drop has mostly been blamed on profit-taking. Gold experienced significant price growth during consecutive days last week, and it is estimated that many investors who broke into the realm of profit last week sold their short-term gold investments like bullion bars and Canadian Maple Leaf coins. Our gold and silver dealer survey found that collectible coins, including the St. Gaudens $20 piece and the Morgan silver dollar, saw more buyers than sellers this week.

Silver has taken somewhat of a beating in 2014, although nothing close to the massive drops seen in April, June, and September of 2013. The gold/silver ratio has slowly been dwindling, and while that figure still stands in the 50s more investors are starting to notice silver’s ability to hang on for dear life when gold takes a hit.

Silver, or “poor man’s gold” as it is often referred to, is down 7.22% in the last 30 days thanks to a couple of harsh trading sessions that moved the silver market drastically. However, the silver spot price of $19.40 (down $0.02 for the day) is very attractive to a slew of physical silver buyers who view silver as an investment that could one day be used to procure goods and services, should those investors find themselves in a society with no solvent currency.

For more information on gold and silver prices, products, and potential uses for each type of gold and silver, call directly at (800) 394-3337 or use the form below this market update to request up to four of our award-winning gold and silver investing guides. We will send you an e-book or you can call us to ask for a hard copy, free-of-charge.

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