Morning Gold & Silver Market Report – 9/12/2014

Ryan Schwimmer

9/12/2014 8:06:58 AM

GOLD TO BECOME ‘USEFUL INDICATOR’ ONCE AGAIN

The Gold price fell to a 7 1/2 month low in overnight trading on interest rate speculation and a stronger U.S. dollar. UBS said in a note, “For much of this year, investors and speculators struggled to have a clear Gold call, either of a long or short persuasion, and the metal's direction has been determined more by technicals, positioning and momentum, amidst a much depleted investor pool. The market's focus is now intensifying on [Federal Reserve] policy action and the timing of Fed rate hikes, and this should mean that Gold becomes a useful indicator to the investor and spec community once again.”

U.S. stock futures are pointing toward an uneventful start for Wall Street today as investors continue looking at data for clues to future Fed moves. Michael Carey, chief North American economist at Credit Agricole CIB, said, “U.S. economic data of late has been more upbeat [and consumer sentiment] likely got a boost from gasoline pump prices staying near six-month lows.”

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

• Gold, $1,236.90, Down $3.10.
• Silver, $18.65, Down $0.01.
• Platinum, $1,362.30, Down $9.40.
• Palladium, $829.50, Down $3.70.

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