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Mid-Day Gold & Silver Market Report – 7/24/2014

GOLD, SILVER DOWN SHARPLY ON MIXED ECONOMIC NEWS

Mixed economic news is messing with the Precious Metals and equities markets. The number of new jobless claims was a pleasant surprise, falling to its lowest in almost nine years. However, new home sales in June also fell at their fastest rate in nearly a year. May’s new home sales data was also revised to show less robust growth. Putting the past two months together would indicate the housing market is still struggling.

Former Federal Reserve Chairman Alan Greenspan, a much respected and longtime student of the economy, is concerned that it will be difficult for the current Fed to unwind from existing quantitative easing policies. He said, “There is definite evidence the economy is picking up. The financial system is finally beginning to lend. But, what we don’t know is whether, when the recovery gets underway, it is going to run into another false dawn.” When asked about the Fed’s biggest challenge, Greenspan replied, “How to unwind the huge increase in the size of its balance sheet with minimal impact. It is not going to be easy and it is not obvious exactly how to do it.”

At 1 p.m. (ET) the APMEX Precious Metals spot prices were:

  • Gold, $1,292.00 Down $13.70
  • Silver, $20.51 Down $0.48
  • Platinum, $1,473.70 Down $14.00
  • Palladium, $872.20 Down $3.10

 

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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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