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Mid-Day Gold & Silver Market Report – 11/1/2013

U.S. DOLLAR RALLIES, PRESSURES METALS

Precious Metals are relatively flat through mid-day trading.  Speculation that the European Central Bank may lower the region’s interest rates due to low inflation, along with a rallying U.S. dollar, has investors looking for direction.  When asked his thoughts on the dollar’s performance, Atyant Capital Global Opportunities Fund lead portfolio manager Vedant Mimani said it “has been quite strong in recent sessions, and that has created some pressure on Gold. … As the economy shows signs of improvement, investors reason it may make more sense to deploy capital in growth (stocks) rather than insurance/asset protection (Gold).”

U.S. stocks continue to slide, with the S&P 500 extending losses for the third consecutive day. Paul Nolte, managing director at Dearborn Partners in Chicago, said, “I think the markets are in a correction phase after a nice run from mid-September to late October.”  This could potentially boost Gold’s safe-haven appeal for investors looking to diversify their portfolio.

At 3:04 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,314.00, Down $11.70.
  • Silver, $21.85, Down $0.07.
  • Platinum, $1,454.20, Up $4.80.
  • Palladium, $741.00, Up $3.20.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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