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Closing Gold & Silver Market Report – 4/16/2014

GOOD NEWS FOR GOLD, STOCKS: FED TO KEEP INTEREST RATES LOW EVEN AS ECONOMY RECOVERS

Federal Reserve Chair Janet Yellen restated the Fed’s interest rate position today and made it clear low rates will remain even when the economy recovers. During a question-and-answer session at the Economic Club of New York, Yellen said, “I hope it's completely clear that while monetary policy is very accommodating at this point, and I focused on the need to keep it so or to adjust it to make sure the recovery remains on track. As the recovery proceeds and healing occurs, it's obvious that we will need to tighten monetary policy to avoid overshooting our target. The larger the shortfall of employment or inflation from their respective objectives, and the slower the projected progress toward those objectives, the longer the current target range for the federal funds rate is likely to be maintained.”

Gold found support with Fed Chair Yellen’s comments and held on to a small gain despite the stock market finishing up 165 points. Gold traded back near its 200-day moving average and June futures were up $3.20. Tensions in the Ukraine abated for the day, but investors will watch for any new signs of violence as this situation is far from resolved. “Russia has a new commodity for export in addition to oil and gas — terrorism,” Ukrainian Prime Minister Arseniy Yatsenyuk told a government meeting today in Kiev. “It’s become clear our Russian neighbors have decided to build a new Berlin Wall and want a return to the Cold War.”

At 4:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,304.10, Up $1.80.
  • Silver, $19.68, Up $0.15.
  • Platinum, $1,438.30, Down $6.50.
  • Palladium, $802.80, Up $5.90.

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.

Mid-Day Gold & Silver Market Report – 4/16/2014

GOLD & SILVER PRICES STEADY AS STOCKS SOAR

Gold and Silver prices are holding firm throughout morning trading despite U.S. stocks soaring above 100. The stock market is reacting favorably to higher than expected industrial production data as well as a positive earnings report. “It's a big day today, we've got 17 out of the S&P 500 reporting, and so far it's been more good than bad. There is more positive forward guidance than negative, so things will pick up in the second half of the year," Chris Gaffney, EverBank senior market strategist, said. "And, we had industrial production come out on a positive note this morning, supporting the notion that the economy is heating up with the weather."

As mentioned above, U.S. industrial production numbers came in better than expected, but the housing news disappoints. New home construction is on the rise, but not near its post-recession peak hit last November.  This leaves housing as one significant sector that still poses a drag on the economy.  "Given the weather, housing is still disappointing," Scott Brown, chief economist at Raymond James, said. Cold weather is not the only problem faced by the housing industry. There is shortage of lots on which to build, a shortage of skilled labor and rising material costs.

At 12:45 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,303.50, Up $1.20.
  • Silver, $19.65, Up $0.12.
  • Platinum, $1,437.80, Down $6.80.
  • Palladium, $800.60, Up $3.70.

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 – 4/16/2014

UKRAINE TENSIONS BOOST GOLD

The Gold price has steadied above $1,300 per ounce on tensions in Ukraine. VTB Capital analyst Andrey Kryuchenkov said, “The early April uptrend is now broken, and if it wasn't for Ukraine, we would be closer to $1,280.” Representatives from the U.S., European Union, Russia, and Ukraine will meet for crisis talks Thursday with hopes of negotiating peace in that region.

Federal Reserve Chairwoman Janet Yellen will speak today, and is expected to talk up her dovish policy message. Danske Bank analyst Anders Vestergård Fischer said, “We expect a dovish rhetoric underlining that a rate hike is nowhere imminent, which would tend to weigh on the U.S. dollar.” Yesterday, the Gold price fell on a stronger dollar. The dollar reversing its course could cause a spike in the Gold price.

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

  • Gold, $1,305.80, Up $3.50.
  • Silver, $19.68, Up $0.15.
  • Platinum, $1,442.50, Down $2.10.
  • Palladium, $802.10, Up $5.30.

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.

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