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Mid-Day Gold & Silver Market Report – 7/24/2014

GOLD, SILVER DOWN SHARPLY ON MIXED ECONOMIC NEWS

Mixed economic news is messing with the Precious Metals and equities markets. The number of new jobless claims was a pleasant surprise, falling to its lowest in almost nine years. However, new home sales in June also fell at their fastest rate in nearly a year. May’s new home sales data was also revised to show less robust growth. Putting the past two months together would indicate the housing market is still struggling.

Former Federal Reserve Chairman Alan Greenspan, a much respected and longtime student of the economy, is concerned that it will be difficult for the current Fed to unwind from existing quantitative easing policies. He said, “There is definite evidence the economy is picking up. The financial system is finally beginning to lend. But, what we don’t know is whether, when the recovery gets underway, it is going to run into another false dawn.” When asked about the Fed’s biggest challenge, Greenspan replied, “How to unwind the huge increase in the size of its balance sheet with minimal impact. It is not going to be easy and it is not obvious exactly how to do it.”

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

  • Gold, $1,292.00 Down $13.70
  • Silver, $20.51 Down $0.48
  • Platinum, $1,473.70 Down $14.00
  • Palladium, $872.20 Down $3.10

 

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. - See more at: http://www.apmex.com/Commentaries/2857/closing-gold-silver-market-report-7-23-2014#sthash.FNoWG56L.dpuf

Morning Gold & Silver Market Report – 7/24/2014

GOLD DOWN AMID 8-YEAR LOW JOBLESS CLAIMS

Strong data out of China and the eurozone pressured Gold below the $1,300 per ounce level in early-morning trading. Physical demand for Gold in China increased after the price fell, though is still considered weak when compared to earlier this year. Natixis analyst Bernard Dahdah said, “The market is going to follow very closely any comments from the Federal Reserve about interest rates as that is likely to continue having an impact on Gold's trading pattern.”

U.S. jobless claims fell to their lowest level in eight years, according to data released by the Labor Department this morning. The figure of 284,000 is much lower than the expected 310,000. The four-week moving average fell to its lowest level since May 2007. U.S. stock futures increased, pointing toward a higher open for Wall Street. The Dow Jones Industrial Average held above 17,000, and the S&P 500 index closed in on 2,000.

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

  • Gold, $1,299.90, Down $5.70.
  • Silver, $20.91, Down $0.09.
  • Platinum, $1,475.60, Down $11.80.
  • Palladium, $872.70, Down $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.

Closing Gold & Silver Market Report – 7/23/2014

METAL PRICES FLAT AS UKRAINE AND ISRAEL DOMINATE HEADLINES

Precious Metal prices are holding steady and trading flat through afternoon trading.  Although this will be the second straight day Gold futures have declined, continued turmoil in the Middle East and Ukraine have provided support to metals.  Blake Robben, a senior market strategist at Archer Financial Services in Chicago said, “There is definitely some temporary support because of geopolitical tensions, but the strength in the equity market continues to be a big headwind.”

Equity markets around the world edged slightly higher on Wednesday after data released showed solid corporate earnings which increased the demand for more “risky” assets.  However, strong demand for safe-haven assets has continued as investors continue to monitor geopolitical situations around the world.  Rick Meckler, president of hedge fund LibertyView Capital Management in Jersey City, New Jersey said, “The bottom line is investors have moved away, for now, from the big political stories and are refocused on earnings, which in general have been good.”

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

  • Gold, $1,306.00 Down $1.30
  • Silver,$20.97 Down $0.04
  • Platinum, $1,486.90 Down $2.40
  • Palladium, $873.40 Down $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.

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