Third Week of Losses for Silver, Fed Policy Will Not Change

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The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 4.3 percent decline. Last week marked the fourth in a row of declining prices for the metal. The price of Indian silver rose 2.6 percent after falling 6.8 percent during the previous week. The price of US silver fell 1.3 percent over the past week. This was the third week in a row of declining prices. After a 0.1 percent decline, Chinese silver closed out the week.

Comments this week by Federal Reserve Chairwoman Janet Yellen did not spark sagging prices of precious metals. Yellen’s re-commitment to existing bond-buying was not enough to reverse a week-long decline for gold, silver and other other precious metals.

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“This commitment is strong, and I believe the Fed’s policies will continue to help sustain progress in the job market,” Yellen said during a speech at the Community Re-Investment Conference in Chicago.

Tensions between Russia and the West over Ukraine continue to muddy the waters for silver and gold as well. The situation has eased from earlier weeks when bank runs in Crimea raised prices, but uncertainty about the diplomatic situation is still affecting international investment.

The week’s biggest mover on the weekly Global Precious Metals MMI® was the price of Japanese silver, which saw a 4.3 percent decline to JPY 650.00 ($6.32) per 10 grams. Last week marked the fourth in a row of declining prices for the metal. The price of Indian silver rose 2.6 percent to INR 45,647 ($762.69) per kilogram after falling 6.8 percent during the previous week. The price of US silver fell 1.3 percent over the past week to $19.84 per ounce. This was the third week in a row of declining prices. After a 0.1 percent decline, Chinese silver closed out the week at CNY 4,125 ($664.96) per kilogram.

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Indian gold bullion fell 3.0 percent over the past week to INR 27,904 ($466.23) per 10 grams. Japanese gold bullion saw a 2.7 percent decline over the past week to JPY 4,260 ($41.39) per gram. The price of Chinese gold bullion declined 2.3 percent over the past week, settling at CNY 258.33 ($41.64) per gram. US gold bullion prices were off slightly at $1,294 per ounce, down from $1,318 a week ago.

Japanese platinum bar fell 2.9 percent over the past week to JPY 4,628 ($44.97) per gram. At CNY 302.00 ($48.68) per gram, the price of Chinese platinum bar finished the week down 1.6 percent. Closing out the third week of declining prices, the price of US platinum bar dropped by 1.0 percent, finishing at $1,415 per ounce.

Following a 2.2 percent increase in the week prior, the price of US palladium bar fell 1.7 percent last week to $774.00 per ounce. Japanese palladium bar saw a 0.6 percent decline over the past week to JPY 2,526 ($24.54) per gram. The price of Chinese palladium bar fell 0.6 percent to CNY 177.00 ($28.53) per gram after rising 1.1 percent the week before.

The Global Precious Metals MMI® collects and weights 14 global precious metal price points to provide a unique view into precious metal price trends. For more information on the Global Precious Metals MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.

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