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

Ted Prince

9/9/2014 4:05:00 PM

INTEREST RATE WOES, TECHNICAL SELLING CAUSES WAVERING GOLD PRICE

The Gold price has been oscillating positive and negative territory today as technical selling and expectations for higher U.S. interest rates continue to weigh on Precious Metals.  “The market was pressured by technical selling pressure, including sell stops being triggered when chart support levels were breached,” one analyst said. “The surging U.S. dollar index, which hit another 13-month high Monday, was also an anchor for gold and silver.”  Gold continues to tread water near a three-month low as geopolitical conflicts have failed to buoy Gold and Silver as a safe-haven.  Historically, lower prices have influenced a strong wave of physical buying among Gold and Silver investors. 

U.S. stocks ended the day lower on Tuesday as concerns regarding a sooner-than-expected interest rate hike forced the S&P 500 to realize its largest dip in a month.  “There are still a number of people who fear the Fed will raise rates too soon, but I don’t think there’s anything to be gained by being early in raising interest rates,” John Manley, chief equity strategist for Wells Fargo Funds Management, said. “If the Fed tightens too soon, it will drag the U.S. and the world into another recession.”  Although many investors fear the consequences of the current Fed monetary policy, the hyper-inflationary scenario that was envisioned by many appears to be far from a reality.  Interested parties will continue to eye major market indexes to see if the momentum and ongoing record-breaking can be sustained into 2015. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,257.50, Up $2.20.
• Silver, $19.12, Up $0.12.
• Platinum, $1,390.40, Down $8.10.
• Palladium, $861.60, Down $24.60.

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