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Closing Gold & Silver Market Report – 8/29/2014

INVESTORS AWAIT ECB MONETARY POLICY ANNOUNCEMENT

U.S. manufacturing data showed output growing at its fastest pace in three years today.  Many investors took this news as a sign of continued growth in the domestic economy and demand for safe-haven assets like Gold was temporarily quelled.  Along with ongoing strength among equities markets and the fear of an interest rate hike in the near future, Gold has come under pressure to begin September.  “Good economic data and concern about the U.S. raising rates is keeping gold under pressure,” Tommy Capalbo, a broker at Newedge Group, said. “The political concerns seem to have taken a back seat for now.” 

The S&P 500 was able to hold above 2,000 today as U.S. stocks take a breather following last week’s rally.  Equities investors and Gold bugs alike are focused on the outcome of this week’s European Central Bank meeting.  “There is a lot of conversation around Mario Draghi doing some sort of quantitative easing in light of the softer-than-expected European data," Art Hogan, chief market strategist at Wunderlich Securities, said.  Speculation surrounding loose central bank monetary policy has caused a great deal of volatility among Precious Metals in past years. 

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

  • Gold price, $1,267.10 Down $21.30
  • Silver price, $19.19 Down $0.30
  • Platinum price, $1,411.00 Down $14.70
  • Palladium price, $882.40 Down $27.10

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.

Mid-Day Gold & Silver Market Recap – 8/29/2014

GOLD TO 2 ½ MONTH LOW AS DOLLAR STRENGTHENS

The U.S. dollar rallied to a one-year high this morning, forcing Gold down to its lowest level in 2 ½ months. Strength in the dollar and ongoing confidence among U.S. equities offset concerns about escalating tensions between Ukraine and Russia. “It's when the dollar hits big numbers that Gold gets punished and this is clearly one of those moments,” Ross Norman, CEO of bullion broker Sharps Pixley, said. Domestic and overseas investors are closely eyeing the movement of global currencies this week as the European Central Bank (ECB) is scheduled to convene this week.  Many expect ECB President Mario Draghi to ramp up the region’s current level of market liquidity with asset purchases known as quantitative easing (QE).  The announcement of such measures would likely weaken the euro further, and bring the Gold price down with it, as the dollar would be strengthened by the potential inflationary result of such a program. 

U.S. stocks are trading somewhat lower to start the month following an August that saw the S&P 500 post its greatest rally since February.  Today’s dip comes despite reports that U.S. manufacturing expanded at its greatest pace in three years.  “The 2,000 area is still in play, and we’ve yet to move past it convincingly as it remains a speed bump in the short-term,” Joe Bell, senior equity analyst at Schaeffer’s Investment Research Inc., said. “The manufacturing index was better than expected, but after that strong rally we had through much of August, the market is taking a bit of a breather.”  Equities investors will also be eyeing the ECB summit this week as they try to discern the impact of heightened QE in the eurozone. 

At 1:37 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold price, $1,266.00 Down $22.40
  • Silver price, $19.18 Down $0.31
  • Platinum price, $1,411.60 Up $14.10
  • Palladium price, $884.60 Up $24.90

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.

Weekly Gold & Silver Market Recap – 8/29/2014

Precious Metals endured another week of stagnation as the sluggish summer months continued to plague Gold and Silver prices.  The Gold price experienced pressure as U.S. equities rallied forcing the S&P 500 to breach 2,000 for the first time.  Gold made a single digit rebound on Thursday as reports indicated intensifying hostility between Ukraine and neighboring Russia.  Investors will continue to eye global and domestic economic news and the threat of escalating violence from geopolitical hot zones in Ukraine and the Middle East. 

The crisis in Ukraine and the conflict on the Gaza Strip have been key supports for the Gold price. Friday, another support beam was erected as the terror threat in the United Kingdom was raised to “severe”. U.K. Prime Minister David Cameron said the threat of terror from Islamic State militants is greater than at any time before and is now at its second highest “severe”. Speaking today in London, Prime Minister Cameron said that we are facing a generational struggle, which is bound to go on for decades.

Gold was trading higher on Thursday as geopolitical tension and ongoing short-covering forced a mild jump in bullion prices.  Overseas conflicts have again taken center stage as safe-haven buying was spurred when the Ukrainian president publicly announced that the Russian military invaded his country and were occupying areas along Ukraine’s eastern border.  Though Russian officials have come forth to refute this accusation, investors shied away from equities on Thursday in search of asylum in the form of Precious Metals. 

The S&P 500 crossed the 2,000 mark for the first time ever on Tuesday while the Dow hit an all-time high during morning trades. A better than expected durable goods report kicked off the stock surge. "Today's report, while not perfect, reinforces market optimism regarding the economy, [of the data, which had orders for durable goods rising 22.6 percent last month versus a 7.5 percent estimate,]" Dan Greenhaus, chief strategist at BTIG, said in an email. Although this report was fueled by a sharp increase in demand for commercial aircraft, it raises expectations of a quicker than expected economic recovery.

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

  • Gold price, $1,289.00 Down $2.40
  • Silver price, $19.50 Down $0.11
  • Platinum price, $1,425.40 Up $0.80
  • Palladium price, $906.00 Up $7.90

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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