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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.

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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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