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

LITTLE MOVEMENT FOR METALS; WORLD GOLD COUNCIL HAS HIGH EXPECTATIONS FOR CHINA

Precious Metals traded flat on Monday with growing speculation that the U.S. Federal Reserve will soon be tapering its bond-buying program after Friday’s better than expected jobs report.  The next Fed meeting is set for December 17-18, which is when the market expects the official announcement of a fiscal policy cutback.  "The dollar index is still holding fairly firm, and given the lack of physical interest or significant investor demand near new lows, there is very little upside for the market,'' VTB Capital analyst Andrey Kryuchenkov said. "Gold continues trading with macro headlines and against the greenback.''

The World Gold Council (WGC) forecasts that China’s total demand for Precious Metals could increase 29 percent to reach 1,000 tons this year, causing the country to surpass India as the world’s largest Gold consumer.  This month, a Gold vault that holds up to 2,000 metric tons opened in Shanghai.  The location was simple to choose as demand in Asia is growing ever so quickly.  “Such a facility is a massive vote of confidence for the Chinese Gold market,” said Philip Klapwijk, managing director of Hong Kong-based Precious Metals Insights Ltd. “The trend for demand has been very strongly positive,” said Klapwijk, who has monitored Precious Metals since 1988.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,283.10, Down $3.50.
  • Silver, $21.39, Up $0.03.
  • Platinum, $1,433.90, Down $10.00.
  • Palladium, $755.00, Down $3.90.

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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
4/21/2014 11:04:56 AM EST

Metal Bid Ask Change
Gold $1,286.40 $1,288.40 ($7.50)
Silver $19.33 $19.43 ($0.22)
Platinum $1,393.30 $1,403.30 ($25.40)
Palladium $771.60 $776.60 ($31.50)
4/21/2014 11:04:56 AM EST

Click here for Historical Charts*All Charts are in USD


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