Mid-Day Gold & Silver Market Report – 10/29/2013


Precious Metals prices are trading fairly flat through mid-day trading.  Many investors are awaiting Wednesday’s conclusion of the two-day Federal Open Market Committee meeting for direction.  Consumer confidence data released Tuesday showed a much bigger drop than expected as confidence reached its lowest point in six months.  In a note Tuesday, analysts at Commerzbank said, “From a technical perspective, $1,360 marks an important resistance level which the Gold price first has to lastingly overcome if it is to climb any further. Generally speaking, however, the technical picture has brightened of late.”

A recent CNBC Fed survey showed a large percentage of investors believe the Federal Reserve won’t begin to taper its quantitative easing program until 2014.  Chad Morglander with Stifel, Nicolaus & Co. said, “Unfortunately, the U.S. economy in 2014 will look similar to 2013. This will force the Federal Reserve to continue QE longer than consensus expectations.”  If Morglander is correct, this could potentially boost Gold’s safe haven appeal.

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,346.50, Down $7.70.
  • Silver, $22.56, Down $0.03.
  • Platinum, $1,463.10, Down $10.80.
  • Palladium, $747.70, Down $3.80.

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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APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD

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