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Morning Gold & Silver Market Report – 11/21/2014

GOLD RISES AS CHINA SHOCKS MARKETS, CUTS INTEREST RATES

Precious Metals prices are rallying and picking up strength in early morning trading. News that China cut its benchmark interest rates surprised the markets and boosted Gold, helping the metal rally to a three week high. China is the world’s biggest Gold consumer and the surprise interest rate cut spurred expectations that demand for the yellow metal could rise. Mitsubishi analyst Jonathan Butler said, “Any measures that accelerate the spending power of the Chinese public are bound to be positive for Gold. (This could mean) additional spending power for Chinese consumers to buy jewelry and investment products.”

Shares around the world gained momentum Friday following China’s interest rate cut, causing prices to increase rapidly. While speaking in Frankfurt about the eurozone economy, European Central Bank President Mario Draghi said, “We will continue to meet our responsibility - we will do what we must to raise inflation and inflation expectations as fast as possible. If on its current trajectory our policy is not effective enough to achieve this ... we would step up the pressure and broaden even more the channels through which we intervene.” This news coupled with the surprise rate cut by China has some economists looking toward 2015 for major policy changes. Neil Williams, chief economist at fund manager Hermes in London, said, “The two together, (China cut, Draghi speech) suggest to me there is still a lot of hard policy work to be done next year.”

At 9:45 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,208.50 Up $14.60
  • Silver, $16.61 Up $0.38
  • Platinum, $1,235.80 Up $28.20
  • Palladium, $792.50 Up $24.40

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.

Morning Gold & Silver Market Report – 11/20/2014

GOLD REMAINS FLAT; U.S. UNEMPLOYMENT CLAIMS FALL

Gold is flat this morning after yesterday’s price drop quickly recovered thanks to bullish buyers. The U.S. Federal Reserve’s October policy meeting minutes were released Wednesday and reflected the likelihood of increased interest rates in 2015.  “After a big price drop in a small time, you get a return in Chinese demand, and that's what we've seen,” Natixis analyst Bernard Dahdah said. “But I wouldn't expect Gold to continue rising back to $1,250 [per ounce], mainly because of the stronger dollar.” The focus is currently on Swiss voters, who are deciding if the nation’s central bank should hold a minimum 20 percent of its assets in bullion.  A poll conducted Wednesday revealed voters rejected the proposal. 

The U.S. Labor Department stated today that initial claims for state unemployment benefits fell 2,000 to a reported 291,000 for the week ending November 15. The data provides a better overall picture for the four-week claims average, as weekly trends are combined and display stable growth in the job market. The overall goal is to keep unemployment claims under 300,000, which has occurred for the past 10 consecutive weeks.   

At 11:30 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,192.40 Down $4.50
  • Silver, $16.24 Down $0.15
  • Platinum, $1,207.40 Up $6.10
  • Palladium, $768.40 Down $2.60

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 – 11/19/2014

METALS RISING AHEAD OF FED MINUTES

Precious Metal prices are bouncing in early morning trading as Gold holds near $1,200.  Yesterday, Gold reached its highest point since October 30th, but saw a slight dip today as investors prepare for the release of the Federal Reserve minutes later today and an opinion poll in Switzerland ahead of their Gold referendum scheduled for next week.  LBBW analyst Thorsten Proettel said, “What we've seen is a bit of short covering, because people had thought gold prices would fall further ... and that didn't happen.”

U.S. stocks are on the downturn today as investors digest data which shows housing starts fell in October while also waiting minutes from the October’s Federal Reserve meeting.  Investors are anticipating they will receive some direction from the minutes and reports with data on inflation and economic growth.  Jasper Lawler, a market analyst at CMC Markets Plc in London said, “There’s been a build up to what the Fed will say today.  The market’s been in quite a tight channel. Last time, they left the ‘considerable period of time’ phrase but they tweaked some other language. They’re clearly trying to get the message across that things are getting better.” 

At 9:43 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,200.10 Up $00.00
  • Silver, $16.37 Up $0.10
  • Platinum, $1,206.60 Up $0.00
  • Palladium, $779.50 Up $1.80

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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