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Closing Gold & Silver Report – 10/21/2014

CHINA, INDIA BACK IN GOLD MARKET IN A BIG WAY

In the past two years, we have seen an odd phenomenon in the Gold market. The weaker the price, the stronger the physical demand. China and India are among the countries hungriest for physical Gold and their appetite has been voracious. India’s Gold imports have risen 450 percent. Combined, India and China are buying enough to cover close to all global mined supply. It is also greatly suspected that the Chinese government is stocking up on Gold. They have not reported their Gold holdings since 2009, though it is expected they will do so when it becomes politically expedient.

Today was unusual in that both Gold and stocks went up. Stocks were up more than 200 points, while Gold passed $1,250 per ounce, on no particularly significant news. One trader credited today’s upswing as simple fluctuations. Gold continues to find support on global growth concerns, especially in the eurozone and China. China’s gross domestic product grew by 7.3 percent in the third quarter, the worst number in five years, though it was marginally better than economists had forecast.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,251.70 Up $5.00
  • Silver, $17.57 Up $0.16
  • Platinum, $1,282.70 Up $13.20
  • Palladium, $776.80 Up $13.50

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.

Morning Gold & Silver Market Report – 10/21/2014

GOLD HITS ONE-MONTH HIGH; LOWER OIL PRICES ELEVATE CONCERN

Precious Metals prices are on the rise with Gold reaching a one-month high this morning with a weaker U.S. dollar and continued concern over global growth.  Recent data from China showed their growth fell in the third quarter to its lowest since the infamous 2008 worldwide financial crisis, while its gross domestic product grew 7.3 percent above the 7.2 percent forecasted by analysts.  "The retreat of the U.S. dollar from multi-year highs removed the main obstacle for gold. Weak economic data in the eurozone and China led to concerns that the U.S. economy will not be immune against a slowdown in economic growth, causing a turmoil in wider markets over the past few days,” Commerzbank analyst Carsten Fritsch said. If economists even suggest a slowdown in growth is occurring in the U.S. and it reflects in economic data the Fed may decide to delay raising interest rates which is positive for Gold.

Crude oil hit a low recently at $79.78 a barrel on October 16, which is the lowest point since June 2012.  These lower prices are raising concerns for oil development. New York-based ITG have forecasted that at $80 a barrel the market could see a 5 percent growth down from a previous outlook of 12 percent. According to Macquarie Group Ltd., drillers may add fewer barrels to domestic output than last year due to lower prices. “Though some forecasts show oil rebounding or stabilizing, any slower increase in U.S. output would shake perceptions for the global market,” Vikas Dwivedi, an oil and gas economist in Houston for Sydney-based Macquarie, said.

At 9:50 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, 1,254.50 Up $7.80
  • Silver, $17.59 Up $0.18
  • Platinum, $1,285.30 Up $15.80
  • Palladium, $777.30 Up $14.00

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 – 10/20/2014

GOLD, SILVER HOLD GAINS AS STOCKS REBOUND

The stock market had an ugly open today on the disappointing earnings outlook coming out of IBM. One concern was that IBM earnings might foretell things to come, but these fears subsided on Apple’s positive quarterly results and stocks bounced into positive territory for the third day in a row. Gold and Silver maintained positive momentum on a weaker U.S. dollar and continuing geopolitical fears.

Russia, who has been hit hard by economic sanctions from the West, is on a Gold feeding frenzy. Russia holds the world’s fifth largest basket of foreign currencies and, as they are not enamored with the dollar or euro right now, they are focused on heightened purchases of Gold. This is not only a reaction to the sanctions; there is also concern about bulging debt in the U.S. and eurozone. A senior Russian official said President Vladimir Putin's administration has reviewed their currency reserves and is looking to separate from the dollar and euro to provide countermeasures against the sanctions. Russia’s recent buying activity has made them the fifth largest holder of Gold.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, 1,249.20 Up $8.20
  • Silver, $17.48 Up $0.09
  • Platinum, $1,269.80 Up $6.30
  • Palladium, $763.50 Up $5.80

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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