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Closing Gold & Silver Market Report – 4/16/2014

GOOD NEWS FOR GOLD, STOCKS: FED TO KEEP INTEREST RATES LOW EVEN AS ECONOMY RECOVERS

Federal Reserve Chair Janet Yellen restated the Fed’s interest rate position today and made it clear low rates will remain even when the economy recovers. During a question-and-answer session at the Economic Club of New York, Yellen said, “I hope it's completely clear that while monetary policy is very accommodating at this point, and I focused on the need to keep it so or to adjust it to make sure the recovery remains on track. As the recovery proceeds and healing occurs, it's obvious that we will need to tighten monetary policy to avoid overshooting our target. The larger the shortfall of employment or inflation from their respective objectives, and the slower the projected progress toward those objectives, the longer the current target range for the federal funds rate is likely to be maintained.”

Gold found support with Fed Chair Yellen’s comments and held on to a small gain despite the stock market finishing up 165 points. Gold traded back near its 200-day moving average and June futures were up $3.20. Tensions in the Ukraine abated for the day, but investors will watch for any new signs of violence as this situation is far from resolved. “Russia has a new commodity for export in addition to oil and gas — terrorism,” Ukrainian Prime Minister Arseniy Yatsenyuk told a government meeting today in Kiev. “It’s become clear our Russian neighbors have decided to build a new Berlin Wall and want a return to the Cold War.”

At 4:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,304.10, Up $1.80.
  • Silver, $19.68, Up $0.15.
  • Platinum, $1,438.30, Down $6.50.
  • Palladium, $802.80, Up $5.90.

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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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