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Closing Gold & Silver Market Report – 10/31/2013

TAPER SPECULATION PRESSURES METALS

Precious Metal prices are trading lower though afternoon trading.  News released Wednesday announcing the Federal Reserve will continue its bond buying program is settling in and starting to effect investors. CitrinGroup founder and executive chairman Jonathan Citrin said, “It will be interesting to watch upcoming tapering expectations impact Gold’s price, and also to see if inflation worries ever return to investors’ minds. Traders are currently blind to any inflation implications of continued Fed loose monetary policy, eyeing capital appreciation much more than preservation.”

U.S. stocks finished lower Thursday, curbing this month’s gains.  Two days after both the Dow and S&P 500 closed at record highs, equities fluctuated and are trending downward. BTIG chief global strategist Dan Greenhaus said, “ The reality is you have a number of earnings reports that weren't the best.” He added, “Nobody believes the Chicago [Purchasing Managers’ Index],” referencing the index that measures Chicago-area business activity, which climbed for the fourth month in a row.

At 5:01 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,324.90, Down $26.40.
  • Silver, $21.98, Down $1.06.
  • Platinum, $1,450.90, Down $30.00.
  • Palladium, $738.40, Down $12.10.
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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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