April 2017 Summary
Gold prices rallied $18.00 month over month, or 1.44%, to settle at $1,267.00 at the end of April. The month began with prices trading $1,248.50. On the 4th, prices traded above the 200-day moving average (then $1,259.00) for the third time this year but failed to settle above the long-term indicator. The next day, gold was sold down to $1,244.00, which turned out to be the low for the month. On the 7th, the US attacked Syria with missiles after learning of that Middle Eastern country’s use of chemical weapons. Gold prices went back above the 200-day moving average and stayed there for the rest of April. Concerns over North Korea’s nuclear ambitions and the French elections stoked “risk off” sentiment. Gold prices moved steadily higher, reaching the month’s high $1,295.00 on the 17th. From this monthly apex, gold prices relinquished fell 2.1%, for the rest of April while silver prices swooned 8.7% over the same period. Le Pen showed poorly in the first round of the French election on the 23rd, easing concerns of a “Frexit.” Trump announced his tax plan, igniting a rally in equities on the back of expectations of increased corporate profitability. Gold prices ended the month trading $1,267.00, above the 200-day moving average of $1,252.00.
For April, GLD holdings rose 676.4K oz., or 2.53%, to 27.4 million oz. The CFTC reported traders in the Managed Money category increased their net long in Comex gold futures by 69.3K contracts, or 76.2%, between March 28 and April 25.
In other markets, silver prices ended the month at $17.215 (down 5.72% for April), while platinum prices settled at $946.00 (down 0.46%) and palladium prices ended April trading $826.00 (up 3.41%). Copper prices lost 1.76% to settle at $5,735.00.