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Closing Gold & Silver Market Report – 7/30/2014

METALS FLAT AFTER DATA, FED ANNOUNCEMENT 

Precious Metal prices finished the day trading mostly sideways.  After the Federal Reserve hinted toward their plan to continue tapering asset purchases and maintain an easy monetary policy, stocks and Precious Metals wavered slightly. However, with jobs data being released Friday, many will keep a watchful eye. Bruce McCain, chief investment strategist at Key Private Bank, said, “The bulls look at the strength in the second quarter, and the skeptics say you're getting a lot of bounce back from first-quarter weakness. The question is how do things look in the third and fourth quarters, and the answer is we don't know. A lot hinges on the employment report on Friday.”

The U.S. dollar held small gains against other world currencies Wednesday, which is somewhat surprising considering the Federal Reserve reiterated they are in no hurry to increase interest rates. Tom Porcelli, chief U.S. economist at RBC Capital Markets in New York, said, “ We only expected marginal changes, and for the most part we got that — with the caveat that they were a bit more hawkish than was widely expected.”

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,296.60, Down $3.40.
  • Silver, $20.66, Up $0.08.
  • Platinum, $1,482.60, Down $1.90.
  • Palladium, $881.80, Up $2.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

Mid-Day Gold & Silver Market Report – 7/30/2014

GOLD, STOCKS SETTLE LOWER AHEAD OF FED ANNOUNCEMENT

The Gold price is trading slightly lower today as a government report citing a better-than-expected GDP increase quelled bullion demand for the second straight session.  The news may have had a downward impact on Precious Metals, but geopolitical tension in Ukraine and the Middle East continue to act as a buoy for Gold and Silver.  “Its a tug of war between strong economic numbers and increasing violence,” Miguel Perez-Santalla, sales and marketing manager at Heraeus Metals New York LLC, said.  However, the most immediate impact to Precious Metals could come following today’s  conclusion of the Federal Reserve’s monthly policy summit.  Hawkish comments from Chairwoman Janet Yellen regarding a hike in interest rates could add pressure to Gold and Silver. 

An early boost in U.S. equities has cooled as investors await news from the Federal Reserve regarding U.S. monetary policy.  “The GDP number was great, but the general concern is that we’re ahead of ourselves and let’s be sure before we keep marching forward,” Tom Sudyka, president of Lawson Kroeker Investment Management, said.  “That cautiousness is probably keeping us from getting really bullish.”  Gold bugs and stock traders alike will be intently focused on Yellen’s comments later today. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,295.60, Down $4.10.
  • Silver, $20.58, Up $0.00.
  • Platinum, $1,481.70, Down $2.80.
  • Palladium, $881.60, Up $2.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

Morning Gold & Silver Market Report – 7/30/2014

METALS PRICES FLUCTUATE WITH DATA

Gold and Silver prices have endured rocky terrain in morning trading. First, the ADP private-sector jobs report showed a disappointing increase of 218,000 jobs in July, and Gold and Silver were flat. Then, an announcement that economic growth from 2011-2013 was trimmed to two percent caused Gold and Silver prices to rebound into the black. Finally, data showed the economy expanded by a whopping four percent in the second quarter of this year, which caused a slight pullback from the morning’s highs.

U.S. stock futures added to gains after the bevy of data released this morning. IG market strategist Evan Lucas said, “GDP is actively watched by the Federal Open Market Committee (FOMC) and if the figure is growing at a rate higher than official estimates, chatter of rate rises will hit [Wall] Street.” Stocks are also being bolstered by a huge increase in Twitter stock, which gained 30 percent in after-hours trading Tuesday.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,300.00, Even.
  • Silver, $20.68, Up $0.10.
  • Platinum, $1,484.40, Down $0.10.
  • Palladium, $881.90, Up $2.60.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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