Global Precious Metals MMI: Precious Metals Go Sideways, But For How Long?

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The Global Precious Metals MMI (Monthly MetalMiner Index) fell a modest 0.10% this past month. As a whole, global precious metal prices continue to trade sideways. That said, there are still plenty of investors looking to turn paper currency into precious metals over fears of a recession. Indeed, this could prove to be the very reason why precious metals aren’t dropping in price as significantly as other metal types. But as the US dollar has strengthened over the recent weeks, this trend is in danger of coming to an end.

Precious Metal Prices: Silver Trapped Between Support and Resistance

Silver managed to make some noticeable strides over the past couple of months. In fact, in August alone, silver came very close to breaking through the roof of resistance. Some experts even wonder if the silver index might soon catch up with gold. Despite these surges, silver remains in a downward macro trend. For the moment, the precious metal seems stuck between support and resistance.

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Gold Short-Term Reversal

Over the past month, gold started showing signs of a short-term reversal. Indeed, between July and August, fears of a recession caused investors to buy in on precious metals again, leading to a notable uptick in demand. However, an obvious path for gold prices still remains to be seen. As a whole, gold remains in a downward trend alongside most of its fellow commodities.

Globally, gold numbers are just as unpredictable. For instance, in China alone, gold experienced an 8% decrease in production. This was the case with many metals in China after Q2, owing to the large-scale slowdown. Meanwhile, back in the US, gold appeared weaker in August when compared with July.

Platinum Price Analysis

Platinum prices didn’t perform with the same strength as gold and silver this the past month. In fact, between July and August, platinum came quite close to breaking support. But while platinum prices did not end up wandering outside the trading range, much like gold, the overall price direction remains unclear. In general, prices appear bearish. That said, platinum could still bounce back from support levels, providing conditions favor such a move.

Global Precious Metals Biggest Price Moves:

  • US gold bullion saw a 2.2% decrease in price. Prices at the beginning of August sat at $1,766.50 per ounce.
  • Japanese gold bullion dropped in price by 3.4%. Price per gram was at $56.5 at the beginning of August.
  • Indian silver ingot/bars fell in price, but not dramatically. Prices fell 0.4%. Prices hit $734.62 per gram at the beginning of August.

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