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Morning Gold & Silver Market Report – 11/26/2014

METALS GAINING AS JOBS DATA DISAPPOINTS

Gold and Silver prices are gaining in morning trading. The U.S. dollar gained Tuesday as investors around the world consider that the European Central Bank may provide more stimulus to the region. Although this has applied some pressure to metals, physical demand has helped support prices. Speaking on the two contradictory factors, Thorsten Proettel, analyst at German bank LBBW, said, “At the moment we have a stand-off situation. On the one side, we have the prospect of higher interest rates in the United States, which is not a situation in which the Gold price can move higher. On the other, we're seeing some greater demand for Gold from Asia.”

Data released Wednesday showed a spike in U.S. unemployment, as jobless claims increased to 313,000 in November, reaching their highest point in three months. The news could provide volatility to the market as the numbers may indicate the U.S. labor market is beginning to lose momentum. Thomas Simons, an economist at Jefferies LLC in New York, said, “Volatility will probably continue to be elevated until the end of the year, but we expect that claims will drift lower again.”

At 10:27 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,200.90 Up $0.90
  • Silver, $16.69 Up $0.04
  • Platinum, $1,230.80 Up $4.30
  • Palladium, $801.30 Up $4.70

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 – 11/25/2014

GOLD SLOWLY CLIMBS PAST $1,200; OPEC TO VOTE ON FUTURE OIL PRODUCTION

Precious Metals prices are up slightly this morning as the Swiss plan to vote Sunday on the Swiss National Bank holding a minimum 20 percent of its assets in Gold versus the 8 percent held last month. Bullish investors believe a ‘yes’ vote could support Gold prices in the future, but opinion polls show some voters are still undecided. “I don't think the Swiss vote will pass unless there [is] a sudden upswing in the 'yes' camp ... the number of undecided is around 15 percent and that could swing, but I don't see it happening. And if it passed, it wouldn't probably lift prices immediately because the market will be wanting to know how the Swiss increase their Gold: by swaps or by buying from other central banks,” Societe Generale metals analyst Robin Bhar said.

Another important debate is expected Thursday when the Organization of the Petroleum Exporting Countries (OPEC) could make an official decision on scaling back oil production by an estimated 1 million barrels per day. OPEC has surpassed its existing production limit of 30 million barrels a day, according to the International Energy Agency. Strategists at investment firm Stifel expect that, in addition to OPEC’s output reduction, “non-OPEC member Russia will join with up to a [500,000 barrel a day] cut for a total as high as 1.5 million barrels a day.” Oil prices have suffered this year due to an increased global supply along with weak demand. 

At 11:10 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,201.40 Up $2.70
  • Silver, $16.68 Up $0.20
  • Platinum, $1,224.50 Up $15.00
  • Palladium, $797.30 Up $6.20

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 – 11/24/2014

GOLD HOLDS ONTO GAINS AS EURO STRENGTHENS

Gold and Silver prices are hovering and holding onto gains received Friday. Although some feel Gold has had a lackluster year, recent news out of China and Europe have sparked recent gains and optimism for the future. Julian Jessop, head of commodities research at Capital Economics, wrote, “Gold remains out of favor with Western investors and commentators focused on the prospect of tighter U.S. monetary policy and further dollar strength. But we see scope for a decent recovery in the price of the Precious Metal over the next year or two, with a target of US $1,400 per ounce for end-2016.”

Stronger-than-expected German business news helped the euro gain against the U.S. dollar Monday. The news is seen as a positive sign that Europe’s largest economy is improving after narrowly avoiding going into recession. With the overall eurozone economy still struggling, European Central Bank chief Mario Draghi’s moves in regards to monetary policy will be highly scrutinized. Derek Halpenny, European head of global markets research at Bank of Tokyo-Mitsubishi UFJ in London, said, “We think that the relative monetary policy play is pretty much priced in, so it is going to become a struggle to push further lower for the euro.”

At 10:58 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,201.50 Up $0.80
  • Silver, $16.51 Up $0.02
  • Platinum, $1,220.60 Down $8.70
  • Palladium, $800.20 Up $4.30

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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