Morning Gold & Silver Market Report – 8/22/2014
Ryan Schwimmer
8/22/2014 8:08:00 AM
GOLD RECOVERS AFTER FIVE DAYS OF LOSSES
Precious Metals are recovering in early-morning trading after five days of losses. This week, Gold is still on track for its biggest weekly loss in five after strong U.S. economic data and speculation over Federal Reserve interest rates. Fed Chairwoman Janet Yellen is due to give a speech at Jackson Hole, Wyo. today, and Macquarie analyst Matt Turner believes it will be a big story. He said, “Yellen's Jackson Hole (speech) is going to be a dominating story as it comes at a sensitive time for Fed communication, given that the minutes released this week had a slightly more hawkish tinge.”
U.S. stock futures are pointing towards a lower open for Wall Street in pre-market trade ahead of Yellen’s speech. Richard Perry, market analyst at Hantec Markets, said, “It would be surprising if she did anything other than hold a steady ship and that the Fed will maintain an accommodative monetary policy for a considerable period of time.” Leaders of the European Central Bank and the Bank of Japan are also slated to speak.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,281.00, Up $4.60.
- Silver, $19.49, Up $0.04.
- Platinum, $1,419.00, Down $0.30.
- Palladium, $884.60, Up $3.80.
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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
