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Closing Gold & Silver Market Report – 4/28/2014


Gold futures are down slightly this afternoon as home sales data has reportedly made its largest gain in three years.  Today’s dip brings the yellow metal’s largest rally in six weeks to an end as the housing figures coupled with the lack of alarming news from Ukraine/Russia to mildly suppress Gold’s upward momentum. Strong economic news like today’s homes sales data will most likely influence another round of stimulus tapering from the Federal Reserve. The Fed’s monthly summit convenes tomorrow and will come to an end Wednesday.  Analysts expect the Fed to reduce the current scale of monthly asset purchases by another $10 billion at the conclusion of this meeting which could cause another temporary pullback in Precious Metals prices. 

U.S. stocks were lifted by today’s strong corporate earnings and housing data, reversing early morning lows. “It’s remarkable how volatile the market can be on an intraday basis,” John Carey, fund manager at Pioneer Investment Management Inc., said. “Most of the companies that have reported so far have exceeded expectations and there’s M&A that’s bubbling along and that could be causing some optimism, with big deals and restructuring.”  Investors await the outcome of Wednesday’s Fed meeting to see the reaction of equities and Precious Metals markets alike. 

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

  • Gold, $1,297.90, Down $4.90.
  • Silver, $19.64, Down $0.12.
  • Platinum, $1,418.70, Down $5.60.
  • Palladium, $803.00, Down $9.30.

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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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