Morning Gold & Silver Market Report – 9/10/2014

Ryan Schwimmer

9/10/2014 8:03:53 AM

CONTRARIANS SEE POSSIBLE GOLD RALLY

The Gold price is mostly flat in early-morning trading. MarketWatch’s Mark Hulbert believes that, from a contrarian point of view, Gold is ready to turn the corner. He notes that short-term investors are exiting the Gold market. He continues, “As a result, the market-timing community on balance is now more bearish than it has been in 14 months — which, according to the contrary logic of contrarian analysis, is a bullish development. The last time the typical Gold timer was as gloomy as he is today, Gold began a two-month rally in which it gained more than $200 [per ounce].”

U.S. Treasurys fell for a fifth day amid concerns over the Federal Open Market Committee meeting next week. Bank of Tokyo-Mitsubishi’s Derek Halpenny wrote Wednesday, “Despite the weaker than expected labor market report, there remains grounds for some shift in communication on the outlook for monetary policy, especially given that quantitative easing tapering is close to an end.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,251.00, Up $1.50.
• Silver, $19.05, Up $0.09.
• Platinum, $1,384.00, Down $2.80.
• Palladium, $856.40, Down $4.10.

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