Gold Hits Weekly High

Gold Hits Weekly High

Good news is often found on a Friday and this week is no different, as we see gold reaching a weekly high, despite the factor of a stronger U.S. dollar in the mix. The yellow metal is shining today, with spot prices up over $7 an ounce at $1,321.40. All three other precious metals have followed suit, determined to end this week on a high note as they push spot prices higher across the board. Of note, Palladium is up $25.50 to $1,446.40—more valuable than gold at the moment.

While the markets enjoy their Friday bump, there are still mounting domestic concerns in the U.S., not the least of which include the President’s plan to declare a national emergency to seek additional funding for his long-desired border wall. Opposition Democrats are threatening a raft of countermeasures and it may be up to our third branch of government—the Judicial—to step in and act as referee. The best news is that there will be no second government shutdown.

For those looking for a market barometer as we head into next week, look no further than the trade talks with China. A delegation will make its way to Washington next week for another round of high-level talks on trade and tariffs. Word on the street is that progress is being made, but any missteps could spook a fragile equity market which in turn could spur additional interest in precious metals. Stay tuned for the next episode…

Have a wonderful weekend.

This Market Insight was written by a senior Dillon Gage analyst. Walter Pehowich will return on 2/20/19.

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