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Mid-Day Gold & Silver Market Report – 4/30/2014

PRECIOUS METALS PRICE SEE-SAW IN MORNING TRADING

Precious Metals prices along with the U.S. stock market cannot seem to make up their mind this morning. The end result is that they are both trading relatively flat or slightly down. The day began with a positive jobs report, which boosted stocks and pushed Gold prices down. Closely following the positive news was a disappointing first quarter GDP report, which boosted Gold and pushed stock prices down. Currently, both markets seem to be awaiting the Federal Open Market Committee report today at 2 p.m. (ET). “The market's meandering is "understandable" given it's the final day of a two-day meeting by the Federal Open Market Committee,” Bruce Bittles, chief investment strategist at RW Baird & Co., said. "While it's widely anticipated that they reduce their bond purchases by another $10 billion, the market typically treads water until the Fed does make some sort of statement."

The recession of 2008-09 taught us that the world’s economy is interconnected and there is a domino effect. This makes news coming from the International Monetary Fund (IMF) that Russia is already in a recession, should make investors take notice. The head of the IMF mission in Russia, Antonio Spilimbergo told reporters, "If you understand by recession two quarters of negative economic growth then Russia is experiencing recession now." Investors have already pulled about $60 billion out of Russia this year and this trend should only continue as sanctions take effect.

At 12:40 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,295.60, Down $2.70.
  • Silver, $19.26, Down $0.32.
  • Platinum, $1,428.20, Down $3.20.
  • Palladium, $812.50, Up $3.60.

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 ‘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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