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Closing Gold & Silver Market Report – 4/23/2014

GOLD HOLDS AS NEW HOMES SALES PLUNGE IN MARCH

Gold and Silver prices found unexpected support when new homes sales for March came in much lower than expected, falling 14.5 percent to an adjusted annual rate of 384,000. “Up until today’s report, new-home sales had been reasonably stable for six months following a soft patch last summer,” Joshua Shapiro, chief U.S. economist for MFR, said. “Mortgage applications for home purchase remain lower, suggesting that higher interest rates and earlier price increases are having an impact on individual demand for homes.” Neil Dutta, head of U.S. economics at Renaissance Macro Research, wrote, “The spring selling season will not meet elevated builder expectations. Purchase applications and real estate loans have generally been better over recent weeks so sales will likely pick-up in coming months. But, most of the data points to a slow grind up than a big surge.”

The dismal new homes sales were not as kind to the U.S. stock market, as stocks broke their six day streak and were down for the day. The U.S. dollar also fell against major currencies. “The U.S. recovery remains in fits and starts," Peter Boockvar, chief market analyst at the Lindsey Group, emailed after the Commerce Department reported the worst new-home sales month since July. According to Stephen Carl, head equity trader at Williams Capital Group, “The market is — I don't want to say bracing — but waiting for something to develop one way or the other."

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,285.70, Up $2.60.
  • Silver, $19.50, Up $0.09.
  • Platinum, $1,405.30, Up $5.00.
  • Palladium, $787.60, Up $3.00.
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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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