Closing Gold & Silver Market Report – 5/20/2014
Ted Prince
5/20/2014 3:58:00 PM
GOLD REMAINS LEVEL AS INVESTORS AWAIT FED MINUTES
The Gold price remains level today, even as weaker-than-expected corporate earnings figures saw stocks fall across all benchmark indexes. “The weakness in the equity market is keeping Gold supported,” Fain Shaffer, president of Infinity Trading Corp., said. “The market will likely remain range-bound,” he added. Most analysts expect little change before tomorrow’s release of the minutes from the Federal Reserve’s most recent monthly summit. A majority of experts predict ongoing commitment to the current pace of asset-purchase reduction. The expectation of reduced stimulus was the primary catalyst in driving down Precious Metals prices in 2013.
U.S. equities retreated today as the end of earnings season approaches and companies weighing in failed to meet expectations. “What we’re seeing is a re-assessment of the growth prospects of earnings,” Brad McMillan, chief investment officer for Commonwealth Financial Network, said. As the summer season nears, trading volumes are traditionally thin. One analyst sees little prospect for higher equities in the coming months. “Between now and June, waning earnings data and no significant U.S. economic data suggest equities have no appreciable catalyst for why they should march significantly higher,” Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, said. A lack of forward momentum could act as an incentive for investors to seek alternative assets such as Precious Metals.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,296.40, Up $0.60.
- Silver, $19.46, Up $0.06.
- Platinum, $1,470.40, Up $0.20.
- Palladium, $826.50, Up $9.90.
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.
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
