Closing Gold & Silver Market Report – 11/7/2013

GOLD AND STOCKS FEEL PRESSURE AS DOLLAR GAINS STRENGTH

Precious Metals continued to trade lower through afternoon trading. The European Central Bank’s (ECB) decision to cut its key benchmark interest rate along with positive GDP data for the U.S. helped the U.S. dollar surge higher and took investor’s focus away from Precious Metals. “Precious metals, like all the other markets, came to life when the ECB surprised everyone with a 25 basis-point interest-rate cut,” GFT Markets’ technical analyst Fawad Razaqzada said. “News of a surprisingly good U.S. third-quarter GDP weighed further on the metals as that gave investor even more reason to pile into the U.S. dollar…and out of safe-haven metals.”

Oil prices hit a four month low on Thursday while U.S. and foreign stocks also struggled. Speculation that the Federal Reserve may begin to taper its quantitative easing program earlier than anticipated along with ECB’s continued struggles are beginning to affect the market. “This morning's GDP report sent the dollar surging, and anything commodity-based that was dollar-related just turned and headed south,” Windham Financial Services’ chief investment strategist Paul Mendelsohn said. “That just rolled over into the rest of the (stock) market.”

At 5:13 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,309.90, Down $10.60.
  • Silver, $21.71, Down $0.11.
  • Platinum, $1,453.50, Down $14.90.
  • Palladium, $763.70, Down $1.60.

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.

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Disclaimer:

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
4/23/2014 6:10:24 PM EST

Metal Bid Ask Change
Gold $1,284.10 $1,286.10 ($0.50)
Silver $19.40 $19.50 $0.02
Platinum $1,396.30 $1,406.30 $2.40
Palladium $782.60 $787.60 $3.00
4/23/2014 6:10:24 PM EST

Click here for Historical Charts*All Charts are in USD


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