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All 4 Precious Metals in the Red: Is There Hope for Revival?


May. 1 2018, Updated 8:15 a.m. ET

In the red

Precious metals had yet another down day on Wednesday, slumping for the second day in a row. Gold was down 0.77% on Wednesday to close at $1,321.2 an ounce. It touched its lowest mark of $1,320, and its RSI level was at 48.6. The implied volatility in gold remained at 10.3%. Silver was also down 1.2%. Silver’s losses have exceeded gold’s losses in the last few days. The RSI level for silver was at 53.3, and its volatility was at 17.1%.

Platinum and palladium also fell 2.4% and 0.43% on Wednesday. Gold, silver, platinum, and palladium have a five-day trailing loss of 2.2%, 4.3%, 3.5%, and 6.5%, respectively. The metals seem to have accepted the red territory for now. The 30-day trailing returns have also turned red amid the slump.

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Roller coaster for precious metals

The above chart shows the performance of gold and silver over the last month. Earlier, the two metals had been on the rise during the increasing unrest in the market. However, recently the factors that had been pushing investors towards precious metals have reduced. The haven bids seem to have fallen considerably.

The SPDR Gold Shares (GLD) and the iShares Silver Trust (SLV) have also fallen. These ETFs have fallen 1.9% and 3.5%, respectively, over the past five trading days. Mining stocks have also fallen in the past few days. Mining stocks that fell the most were Gold Fields (GFI), Goldcorp (GG), AngloGold Ashanti (AU), and Pan American Silver (PAAS). These stocks fell 5.6%, 2.9%, 1.2%, and 1.9%, respectively.

In this series, we’ll analyze the various factors that are affecting precious metal prices including the US dollar, interest rates, equities, and volatility.


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