Daily Market Report
Friday, February 17, 2017
Steady as She Goes…
Champagne corks continue to pop all along Wall Street, as the stock market continued a record-shattering week in which all-time highs were achieved several days in a row. Overall from this same point last week, it measures out at just under a three percent overall gain. You’d have to go all the way back to 1991-92 for a similar streak. Whether it’s all attributed to the “Trump Bump” or not, things are looking pretty rosy in New York’s financial district.
Lately, metals haven’t been too bad off either, with a weakened and lower U.S. dollar boosting spot prices for gold. On the global stage, equity markets have stagnated a bit, leaving investors a tad bullish on precious metals as a safe haven. At last check this morning, the price of gold is holding above $1,240 per ounce.
The silver market continues to shine, with a seven-week uptrend in prices. Silver futures prices hit a three-month high yesterday and currently sit at $18.05 per ounce.
Found an interesting precious metals tidbit in the news yesterday—a Federal judge in Ohio has signed an order which would permit deep-sea treasure diver Tommy Thompson to reveal the location of 500 missing gold coins he retrieved from the sunken S.S. Central America, which went to the bottom of the sea in a hurricane in 1857. Thompson is currently being held in contempt of court for his silence on the matter. Interesting story all around.
Have a wonderful weekend and stay tuned…