Closing Gold & Silver Market Report – 6/18/2014
Paul Stevens
6/18/2014 4:11:00 PM
METALS GET BOOST FROM FEDERAL RESERVE NEWS
Precious Metals continued their climb through afternoon trading as investors begin to digest news from the Federal Reserve. At the conclusion of their two-day policy meeting, the Fed announced it expects to increase short-term interest rates faster than previously forecast. Jim Steel, a Precious Metals analyst at HSBC, said, “I think Gold had broadly priced in the [Federal Open Market Committee] results, and now we’ve got a little bit of light buying coming in.”
U.S. stocks climbed to near record highs after the Federal Reserve meeting. Peter Boockvar, market strategist with Lindsey Group, stated, “The Fed is deathly afraid of a rise in rates stomping out the recovery. It's clear they will allow inflation to run higher than it should be in order to achieve that. What's going to be the end result is the bond market is going to start dictating policy.”
At 5:10 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,280.20, Up $6.20.
- Silver, $19.96, Up $0.17.
- Platinum, $1,454.00, Up $8.90.
- Palladium, $826.20, Up $9.50.
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
