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Closing Gold & Silver Market Report – 4/21/2014

GOLD SUPPRESSED BY STRONG STOCKS AND ECONOMIC FACTORS

Gradual improvement in the U.S. economy is continuing to weigh on Precious Metals prices as Gold has dipped its lowest level in two weeks.  The yellow metal reached a six-month high on March 17, but has since fallen 7.5 percent as uplifting employment data and an ongoing stock market rally has suppressed metals prices in recent weeks. “The physical buyers are also waiting on the sidelines to see if there will be further reduction in prices,” George Gero, vice president and precious-metal strategist at RBC Capital Markets, said.

U.S. stocks are trading higher for the fifth straight session as the S&P 500 looks poised to realize its longest winning streak since October.  “The few earnings that we’ve had so far have been coming in pretty well,” John Fox, director of research at Fenimore Asset Management, said. “All the fundamentals still line up that stock prices can go higher. Interest rates are still low, the economy’s getting better.”  Investors will await further news from the Federal Reserve and signs of ongoing improvement in domestic economic news to gain insight regarding the short-term trajectory of Precious Metals and equities markets. 

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

  • Gold, $1,291.90, Down $3.90.
  • Silver, $19.48, Down $0.17.
  • Platinum, $1,40230, Down $26.40.
  • Palladium, $780.00, Down $28.10.

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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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