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Closing Gold & Silver Market Report – 7/9/2014


Precious Metals prices continued their climb through afternoon trading as investors begin to react to data released by the U.S. Federal Reserve.  Minutes from the recent Federal Reserve policy meeting revealed the Fed’s plan to end their bond buying program by October if the economy rebounds.  Joe Bell, senior equity analyst at Schaeffer’s Investment Research, said, “In the short-term, we are concerned that there is a bit of optimism about the second-quarter earnings. Expectations for overall markets are high and this may lead to some short-term downside if companies come short.”

The U.S. dollar continued its recent struggle and again weakened today against the euro and yen.  As the Federal Reserve begins to detail its plans to end its quantitative easing program, a continued dovish tone has provided pressure to the fiat currency.  In a note, Eric Green, head of U.S. rates and economic research at TD Securities said, “The minutes reflect a central bank gaining more confidence in the recovery, and one that is increasingly preoccupied on matters relating to the exit strategy. These minutes are incrementally less dovish than prior iterations, but dovish nonetheless.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,329.60, Up $12.10.
  • Silver, $21.17, Up $0.16.
  • Platinum, $1,509.10, Up $11.60.
  • Palladium, $874.50, Up $0.70.

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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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