| Gold and Silver Pose Weakness while Platinum Traded Flat | |
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Gold and Silver Pose Weakness, Platinum and palladium Trade Flat 100-day moving average
Investors saw several precious metals tumble to lower levels as stock markets along with investor sentiment rebounded on Friday, January 8, 2016. Silver remained the worst-performing precious metal, falling almost 3% and closing $0.43 lower than the previous day close. Silver settled at $13.9 per ounce. Its current prices are trading at a 5.7% discount from its 100-day moving average price of $14.7 per ounce.
The RSI (relative strength indicator) was trading at 46. The RSI level around 30 signifies undervaluation, whereas the figure above 70 signifies overvaluation.
Gold fell 0.9% and gave a close of $1,097.9 per ounce. Gold prices are at a 1.8% discount from its 100-day moving average price, and the RSI level is at 58. Platinum and palladium prices, however, stabilised on Friday. Platinum maintained a small trading range and closed a marginal 0.01% lower than the previous day close. Platinum is trading at a 5.7% from its 100-day moving average price. palladium too traded flat and gave a close of $493.6 per ounce, marginally 0.1% higher than the previous day close. palladium is trading at a whopping 17.8% discount from its 100-day moving average price, suggesting a plausibility of a rebound.
Miners stumble
The plunges in platinum and palladium were most likely due to the weak global clue, especially in the huge market of China. The rebounding of the markets most likely buoyed the platinum-group metals as they’re extensively used for industrial purposes. The storing of value precious metals like gold and silver fell as the global equity markets bounced back.
The fall in precious metals took along companies involved in the mining business like Hecla Mining (HL), Silver Wheaton (SLW), and Agnico Eagle Mines (AEM). These three companies together make up 11.1% of the Market Vectors Gold Miners ETF (GDX). The leveraged mining-based ETFs like the Direxion Daily Gold Miners (NUGT), and the Direxion Daily Junior Bull Gold 3X (JNUG) fell 7.3% and 8.3%, respectively, on Friday.
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Silver Wheaton
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PRODUCER |
CODE : SLW.TO |
ISIN : CA8283361076 |
CUSIP : 828336107 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Silver Wheaton is based in Canada. Silver Wheaton produces silver, copper, gold, lead, silica and zinc in Canada, in Greece, in Mexico, in Peru, in Portugal and in Sweden, develops copper, gold, silver and zinc in Canada and in Chile, and holds various exploration projects in Argentina and in Portugal. Its main assets in production are ZINKGRUVAN in Sweden, KENO HILL (BELLEKENO) and MINTO MINE in Canada, SAN MARTIN - LUISMIN, PEÑASQUITO, LUISMIN and G-9 CAMPO MORADO in Mexico, YAULIYACU in Peru, STRATONI in Greece and NEVES-CORVO in Portugal, its main assets in development are PASCUA LAMA in Chile and KUTCHO CREEK in Canada and its main exploration properties are PROMOTORIO DURANGO and MONTOROS in Mexico, ALJUSTREL in Portugal and LOMA DE LA PLATA (NAVIDAD) in Argentina. Silver Wheaton is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 12.6 billions as of today (US$ 9.2 billions, € 8.4 billions). Its stock quote reached its lowest recent point on March 09, 2007 at CA$ 10.01, and its highest recent level on May 15, 2017 at CA$ 28.53. Silver Wheaton has 441 520 000 shares outstanding. |