Mid-Day Gold & Silver Market Report –8/20/2014
Paul Stevens
8/20/2014 12:20:00 PM
PRECIOUS METALS STAGNANT AHEAD OF FED MINUTES
Precious Metal prices remain stagnant ahead of the soon to be released Federal Reserve minutes from July’s policy meeting. As traders prepare for the much anticipated two-day Fed policy meeting beginning tomorrow in Jackson Hole, Wyoming, many hope minutes from July’s meeting will hint at the Federal Reserve’s next monetary policy move. Sean Lynch, the Omaha, Nebraska-based managing director of global equity strategy and research for Wells Fargo Private Bank, said, “I think the consensus hope is that a dovish tone will prevail and I think that’s causing the market to at least stabilize and see a little bit of a bump up here. We had strong macroeconomic fundamentals, good data around housing, and a dovish policy wouldn’t hurt.”
Stocks around the world fell on Wednesday after minutes from the Bank of England hinted at the possibility of raising interest rates this year, which is surprising considering the current geopolitical developments. Two of the bank’s nine rate-setters voted for an interest rate hike earlier this month changing their previous tone. When asked his opinion on the minutes from BoE, Philippe Gudin, an economist at Barclays said, “A split vote shows that the first rate hike is approaching, We expect the support for a rate increase to grow in the coming months and we foresee the first hike taking place before year end.”
At 1:18 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,295.60 Down $2.10
- Silver, $19.55 Up $0.10
- Platinum, $1,428.70 Down $10.80
- Palladium, $869.10 Down $12.70
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. - See more at: http://www.apmex.com/Commentaries/2915/morning-gold-silver-market-report-8-20-2014#sthash.iOjnNlix.dpuf
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
