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Morning Gold & Silver Market Report – 4/24/2014

METAL PRICES TUMBLE ON TECHNICAL TRADING & CHINESE FEARS

Gold prices declined and tripped key technical support levels, which triggered computer selling of Gold. As the computers kicked in with automated selling, Gold prices pushed lower. Silver prices briefly dipped below $19 per ounce, but have since rallied above this key support level. The three largest Platinum miners meet today with union officials to discuss the latest offer to end the three-month strike. Plunging Platinum prices indicates that the market is betting on an agreement.

The key concern regarding Gold prices is coming out of China. In China, Gold is used as a financial instrument to provide collateral for loans. According to the World Gold Council, as much as 1,000 metric tonnes (1 tonne = 32, 150 ounce) of Gold may be tied up in financing deals. The Chinese Yuan has fallen to its lowest level in 16 months. It is possible that some investors will have to sell Gold used for loans as a result of the falling Yuan.

Orders for durable goods (computers, electronics, aircraft and heavy machinery) in March beat the 1.8 percent expectation and jumped up 2.6 percent. Computers and electronics jumped 5.7 percent, while automobiles only 0.4 percent. Economists view this report as an indicator of a recovering economy. However, today’s jobs report was not a positive indicator for a recovering economy. Initial jobless claims jumped higher than the expected 315,000 to 329,000. The unexpected increase is being explained as the “norm” around Easter.

 

At 9:25 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,278.20, Down $8.40.
  • Silver, $19.36, Down $0.13.
  • Platinum, $1,399.10, Down $4.80.
  • Palladium, $787.60, Up $5.50.
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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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