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Morning Gold & Silver Market Report – 10/24/2013


Gold and Silver prices added to gains after the release of the weekly jobless claims report.  The report showed that new claims fell by 12,000 last week, though it was far from expectations of 25,000.  Economic data continues to be scrutinized closely due to the U.S. Federal Reserve’s insistence that the data improves before tapering of its quantitative easing program is announced.  Commerzbank analyst Eugen Weinberg said, “Postponement of tapering means higher liquidity in the market, probably higher inflation risks in the longer term.  That's likely to lead to higher interest in Gold.”

U.S. stock futures held onto gains after the data release, largely due to positive economic news out of China.  After HSBC released its September Purchasing Managers’ Index (PMI) for China, many were concerned over the state of the economy with a reading of 50.2.  With readings at or below 50 signaling a contracting economy, the October report was due to be heavily scrutinized.  October’s reading came in at 50.9, which was all the good news the stock market needed to push higher.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,342.00, Up $6.00.
  • Silver, $22.75, Up $0.09.
  • Platinum, $1,450.00, Up $9.40.
  • Palladium, $750.10, Up $3.00.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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