Closing Gold & Silver Market Report – 9/11/2014

Ted Prince

9/11/2014 4:09:00 PM

SILVER DIPS TO 14-MONTH LOW

Precious Metals continue their descent as further speculation regarding a hike in U.S. interest rates has pressured bullion prices.  Gold has fallen to a 7 1/2 month low while Silver has dipped to its lowest level in 14 months.  With concerns over geopolitical turmoil easing over the last week, the expectation of increased lending rates and ongoing strength in the U.S. economy, Precious Metals are having a hard time gaining a foothold in the present environment.  With conflicts largely unresolved in Ukraine and the Middle East, further escalation of violence could reverse the recent downward trend for Gold and Silver.  In the meantime, lower prices have always influenced strong buying urgency among bullion investors. 

Equities indexes wavered today as investors weigh geopolitical crises and the potential for increased interest rates.  “We’re just stuck in a tight range because the market has been so strong this year and every now and then the market needs a little time to cool off,” Dan Miller, director of equities at GW&K Investment Management, said. “Geopolitical events of course always make the market nervous.”  The Federal Reserve is set to meet next week for its monthly policy summit.  Many analysts and investors will be intently focused on the outcome.  If higher interest rates are on the horizon, Fed chair Janet Yellen will likely indicate such intentions at the post-meeting press conference. 

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

• Gold, $1,241.90 Down $4.40
• Silver, $18.77 Down $0.22
• Platinum, $1,372.70 Down $9.30
• Palladium, $833.30 Down $15.80

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