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Weekly Gold & Silver Market Recap – 10/24/2014

ANOTHER WEEK OF TRYING TO PREDICT FUTURE FED ACTIONS

This week, Gold and Silver gave back a small portion of their recent gains. Last week’s negative global economic news boosted prices on expectations that the Fed would delay interest rate hikes. The markets continue to focus on what the Fed may or may not do and this week the sentiment turned to sooner rather than later [interest rate hikes]. All it took was a jobs report with claims lower than expected. Expectations are that Precious Metals and U.S. stocks will continue to go back and forth dependent upon predictions of which way the Fed winds will blow.   

The renewed confidence in equity markets this week boosted the U.S. dollar. On Wednesday, a report came out indicating a stable and low inflation in the U.S. These two factors independently drive down Gold and together should have clobbered prices, but they did not. Why? Perhaps it was the news coming out of Russia that their central bank is stocking up on Gold. The Chinese central bank is suspected of doing the same thing along with India, as Gold demand is up for the Diwali festival. The Swiss Gold Referendum is also picking up support. If passed, this referendum would mandate Switzerland to purchase a very significant amount of Gold.

Mohamed El-Erian, former CIO Pimco, came out with an article on Monday that is worth noting, “4 Things to Remember after Wild Market Week”:  “1. It doesn’t take much too severely dislocate markets, both down and up. 2. Liquidity is elusive when traders need it most, even when it comes to the deepest of all markets. 3. Market positioning and risk-taking are no substitute for solid fundamentals. 4. The Fed still doesn’t have much appetite for financial volatility, and markets will readily embrace its reassurances that it will try to act to counteract these gyrations.

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

  • Gold, $1,233.40 Up $2.30
  • Silver, $17.26 Up $0.04
  • Platinum, $1,252.50 Down $4.50
  • Palladium, $782.40 Up $2.10

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.

Morning Gold & Silver Market Report – 10/24/2014

METALS MOVE UP AS FUTURES, OIL DROP

Precious Metal prices are rising in early morning trading. Although Gold has gained for two straight weeks, a stronger U.S. dollar along with better than expected economic data have put a damper on the yellow metal’s safe-haven appeal. Macquarie analyst Matthew Turner said, “A better run of U.S. data has calmed nerves about the wider economy, and that has put pressure on Gold in the past few days, as it had been enjoying a safe-haven bid.”

U.S. index futures and European stocks declined Friday, giving back some of the gains from their best week this year. Investor concerns over a struggling global economy, coupled with a new case of Ebola in New York, provided pressure to the markets. Alessandro Giansanti, a senior rates strategist at ING Groep NV in Amsterdam, said, “Despite the economic recovery in the U.S., the overall outlook is not that strong and the Ebola scare is adding to uncertainty about growth.”

At 9:14 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,235.00 Up $3.90
  • Silver, $17.36 Up $0.15
  • Platinum, $1,258.60 Up $1.60
  • Palladium, $786.00 Up $5.70

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 – 10/23/2014

PRECIOUS METALS AFFECTED BY STRONG EUROZONE DATA; U.S. JOB MARKET REFLECTS SOLID FIGURES

Gold is down this morning due to better-than-expected business activity in the eurozone.  When the news broke it lifted stock markets from early lows, which pressured the yellow metal.  Additional pressure is being felt this morning from a stronger U.S. dollar, which reached its highest point in a week.  Platinum production has resumed at Anglo American in South Africa a month ahead of schedule in September as operations attempted to recover from a five-month strike.  The wage strike by the Association of Mineworkers and Construction Union ended in June and ended up costing the company 424,000 ounces in lost production plus another 108,000 ounces once miners returned to work and began the ramp-up process.

The Labor Department released the unemployment numbers for the week ending October 18 with the seasonally adjusted number of unemployed at 283,000.  Economists forecast were accurate as claims have continued to decline over the past three consecutive weeks.  In September, payrolls increased by 248,000 workers causing the unemployment rate to fall below 6 percent for the first time since July 2008.  If the U.S. continues to see success in the job market it is highly probable for the Fed to hike interest rates sooner than expected.

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

  • Gold, $1,237.30 Down $10.20
  • Silver, $17.27 Down $0.02
  • Platinum, $1,259.10 Down $14.00
  • Palladium, $773.30 Down $4.50

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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