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Mid-Day Gold & Silver Market Report – 9/30/2014

GOLD APPROACHING $1,200 & SILVER BELOW $17 ON THE STRENGTH OF THE DOLLAR

Gold and Silver prices have continued to drop in morning trading as Silver dives below $17 and Gold looks like it could break $1,200. Gold futures hit a nine-month low and are on track for a three-month drop of 9.2 percent. Silver prices are down 19 percent since the end of June. Both metal prices are being hit hard by a climbing U.S. dollar and the continued expectation that the Fed is going to raise interest rates. The U.S. dollar is heading for the best quarter in six years. The U.S. stock market is relatively flat so far in today’s trading.

U.S. consumer confidence fell in September for the first time in five months. "We're continuing to effectively struggle," Mike Englund, chief economist at Action Economics, said. "Some of the optimism that we got in the updraft in consumer confidence in the third quarter was probably a bit overstated." The dip in consumer confidence was related to the job market, expectations that the economy is slowing down and the housing market. The housing market had disappointing numbers today. When comparing July 2013 home sales to July 2014 home sales prices rose less than expected.

At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,210.50 Down $9.80
  • Silver, $16.98 Down $0.66
  • Platinum, $1,305.70 Down $5.80
  • Palladium, $775.20 Down $14.30

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 – 9/30/2014

GOLD DROPS AS DOLLAR RISES

The Gold price is on track for a 5.5 percent drop in September, giving up nearly all gains made in 2014. This will be Gold’s sharpest monthly decline in more than a year. Macquarie analyst Matthew Turner said, “Gold bulls' worst nightmares involve a rampant dollar and surging real interest rates, and this macro-trend is currently being fuelled by the expectation that the [European Central Bank] policy meeting on Thursday, and Friday's U.S. employment data will highlight the gulf in performance between the [eurozone] and U.S. economies.”

The European Central Bank meeting Thursday is a big news item for Gold and stocks, with analysts looking for an announcement on quantitative easing in the eurozone. That expectation comes after the eurozone inflation rate fell to a five year low. Friday’s nonfarm payrolls report will also be key for markets in the way of economic data this week.

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

  • Gold, $1,208.30, Down $11.90.
  • Silver, $17.32, Down $0.32.
  • Platinum, $1,304.70, Down $6.80.
  • Palladium, $776.10, Down $13.40.
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.

Closing Gold & Silver Market Report – 9/29/2014

GOLD HIGHER AS HONG KONG PROTESTS BREED UNCERTAINTY

The Gold price edged slightly higher Monday as Asian markets were disrupted in the wake of pro-democracy protests in Hong Kong over the weekend.  Investors sought the safe-haven appeal provided by Precious Metals as lower prices have also influenced demand from bargain hunters.  The yellow metal is hoping to rebound following four straight weeks of losses.  With stock markets suffering downward pressure since last week, Gold bugs hope ongoing uncertainty among equities can help reverse the negative trend for Precious Metals as investors await economic reports due later this week.  

U.S. stocks fell again Monday as protests in Hong Kong weighed on equities following the S&P 500’s worst week since July.  “There’s this sense of foreboding in the stock markets that we’re almost deserving of at least a correction,” Drew Wilson, an investment analyst with Fenimore Asset Management, said. “Nobody wants to be in the way of that. We’ve had one tiger awaken in Russia and now we have a tiger awakening in China and that’s a little too much risk and uncertainty for U.S. stock market investors to have on their plates.”  Coupled with uncertainty surrounding a hike in U.S. interest, equities investors are wondering if and when a correction could send stocks substantially lower. 

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,217.90 Up $1.00
  • Silver, $17.55 Down $0.06
  • Platinum, $1,310.30 Up $7.20
  • Palladium, $791.50 Up $7.80

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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