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Morning Gold & Silver Market Report – 10/30/2014

METALS CONTINUE FALL ON FED’S DOVISH STANCE

Precious Metal prices are moving rapidly and trading lower through morning trading.  Since Wednesday’s announcement was made by the U.S. Federal Reserve to officially end the stimulus program that has provided support the economy, metals prices have been retreating.  However, even with today’s losses some analyst are positive about the direction of Gold and believe the recent selloff in Gold prices is overdone and demand for the metal has already rebounded.  HSBC analyst Patrick Chidley said, “  The most recent economic news points to the need for more monetary stimulus, which could be gold-positive, at least in the long run.”

A day after the Federal Reserve’s recent statement, the U.S. dollar climbed to its highest point in more than three weeks.  Although the investors are continuing to take in the dovish tone from the Federal Reserve, upcoming data should also play a factor is Gold’s pricing.  Esther Reichelt, currency strategist at Commerzbank said, “  "The positive sentiment is likely to be reinforced by today's third-quarter gross domestic product data.  ” 

At 12:07 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,202.30 Down $25.10
  • Silver, $16.50 Down $0.84
  • Platinum, $1,247.40 Down $23.80
  • Palladium, $783.50 Down $18.30

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.

Closing Gold & Silver Market Report – 10/29/2014

FEDERAL RESERVE ENDS QE, PRESSURES COMMODITIES

The market reacted to the Federal Reserve announcing the end of its quantitative easing (QE) program, which consisted of monthly bond buying to stimulate the U.S. economy. Stocks fell, bonds sold off and Precious Metals were pressured lower after the news broke from the Fed’s policy meeting. Investors also noticed a more aggressive tone toward raising interest rates sooner than later. “Maybe we brought forward the (first rate) hike a month or two from where it was yesterday,” David Ader, chief Treasury strategist at CRT Capital, said. Wall Street expected a fourth quarter rate hike, despite Fed forecasts of a hike occurring near mid-year.

Gold fell slightly more than one percent today when the Fed provided its optimistic outlook for the U.S. economy. Bullion soared 70 percent from December 2008 to June 2011, when the Fed began its stimulus program, but has dropped recently due to factors including a stronger U.S. dollar, improved job market and a boost in consumer confidence. The Fed’s message is the economy is performing at a healthier rate and is only improving, therefore Gold’s safe haven appeal has diminished for the moment. However, tomorrow is a new day.

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

  • Gold, $1,213.80 Down $17.60
  • Silver, $17.15 Down $0.15
  • Platinum, $1,263.50 Down $4.80
  • Palladium, $794.50 Up $0.20

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 – 10/29/2014

SPECULATION DRIVES METALS AHEAD OF FED STATEMENT

Precious Metal prices are off to a stagnant start in early morning trading. As the two-day U.S. Federal Reserve meeting comes to a close, investors expect an announcement on the end of quantitative easing (QE). However, not everyone is confident in the Fed’s decision to stop its bond-buying stimulus program. Investment broker Peter Schiff told CNBC in an interview, “The Fed is probably going to continue the pretense that it can end the QE program, which it can’t. In fact, the bubble economy that the Fed inflated is more dependent on quantitative easing now than it was before.”

Stock prices around the world rose Wednesday, getting a boost from positive corporate earnings and speculation the Federal Reserve won’t raise interest rates in the near future. With so much focus on today’s Fed statement, the market could be in line for some volatility. Michael Hewson, chief strategist at CMC Markets in London, said, “Markets are banking on the prospect that the Federal Reserve will do everything in its power to anchor interest rate expectations at, or below, current levels. Any attempt to alter the (policy statement's) language in anything other than a dovish fashion could well see markets take fright.”

At 10:07 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,226.70 Down $4.70
  • Silver, $17.29 Up $0.01
  • Platinum, $1,272.90 Up $4.60
  • Palladium, $800.10 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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