Gold And Silver Prices Dip As Dollar Firms

  • Posted Tuesday, May 19, 2015 at 07:15 AM

Los Angeles CA, May 19 (Tangible Investments) - by James O'Dell - Gold and Silver prices retreated moderately on profit taking Tuesday morning, after advancing $1.40 or 0..11 percent to close at $1,225.90 an ounce on Monday following a fifth straight day of gains that have come amid a raft of recent weaker than expected economic data. The price of Silver rose $0.17 or 0.97 percent to close at $17.73 an ounce, while the Gold/Silver ratio fell to 69.14.

Alex Thorndike of MKS, says that it was a stronger dollar overnight that prevented prices from breaking back above the $1,230 an ounce level, while adding that the greenback continues to dominant in the marketplace. "One gets the sense that if we see a prolonged rise in the dollar emerge again (similar to Jan-March this year) the metal will run into significant headwinds - particularly in an environment of diminished physical demand," said Thorndike.

The Gold price hit a three month high of $1,232.41 an ounce on Monday, then slipped in afterhours trading as the dollar rebounded, and investors turned their focus to the Greek debt crisis and the Wednesday release of the Fed minutes from the April policy meeting for trading cues.

Greek Finance Minister Yanis Varoufakis said on Tuesday that he expects an accord to be struck with the nation's troika of creditors within the next week. Greece remains at loggerheads with the European Union (EU) and International Monetary Fund (IMF) over economic reforms that must be adopted before the creditors will release the final 7.2 billion euro tranche of the country's 240 billion euro bailout, which has been withheld since August.

The Greek government remains at the very brink of defaulting on its obligations, and is due to make a payment of 1.5 billion euros to the IMF on June 5th. Mr Varoufakis continues to deny that the country might leave the euro zone, adding instead that "Another currency is not on our radar."

HSBC’s James Steel says that during any crisis “Gold is one of the best things you can possibly have.” Steel then cautions, however, that “if you buy it during a crisis, you’ll generally be too late. So, you’ve really got to hold it in advance.”

Preserve your wealth and secure your retirement by making a tangible investment in physical Gold and Silver in 2015. Call Toll Free 1.800.741.5014 and allow the friendly staff at Tangible Investments (learn about us here), owned and operated by world-renowned coin expert Silvano DiGenova, to assist you in your next purchase or sale.

You may also want to allow one our Gold IRA specialists to construct for you a precious metals IRA tailored to your specific needs. We also hope you will share our site with your friends on Twitter and Facebook. Tangible Investments remains the leading buyer of rare objects including: Gold and Silver coins, art, antiques, diamonds, sterling and flatware. We also loan against anything of value and offer more money at half the loan cost, come in or call 1.800.741.5014 now for a free quote.

Get a Free Gold Investor's Guide
MetalBIDASKCHG$CHG%
Gold1216.001216.70$0.900.07%
Silver17.3217.36$0.140.81%
Platinum976.00979.00$1.500.15%
Palladium752.20755.20$1.750.23%
Are you sufficiently diversified? Our founder and president, Silvano DiGenova, explains why hard assets are essential to your portfolio. [Read more]
If you’re a collector of rare or beautiful items, you’re in the right place. We welcome you to visit the eBay store for Tangible Investments, America’s top buyer of rare coins! [Visit Now]
Get paid the most for your items from one of the nation’s most trusted firms. We buy bullion, coins, jewelry, watches, fine art, antiques, and collectibles. [Read More]