Closing Gold & Silver Market Report – 9/15/2014
Ted Prince
9/15/2014 4:00:00 PM
GOLD REMAINS STEADY AS INVESTORS AWAIT FED MEETING
Precious Metals prices are treading water ahead of this week’s Federal Open Market Committee meeting. The monthly policy summit will convene to discuss the future of U.S. monetary policy as set forth by the Federal Reserve. General speculation that this week’s meeting could yield action by the Fed to begin raising U.S. interest rates has weighed on the price of Gold. The yellow metal is currently trading near an eight month low as the possibility of higher lending rates has lured many investors away from non-interest yielding assets like Gold and Silver. "It is possible that the Fed will say something more hawkish and shift the language in a way that it becomes almost certain that interest rates will start to increase early next year," Macquarie analyst Matthew Turner said. "But there is still a bit of uncertainty as the Fed has always talked about keeping rates lower for longer.” If Fed chairwoman Janet Yellen’s message remains consistent with her plan to keep interest rates near zero, Gold and Silver could receive a boost from current lows.
Equity shares ended the day mixed as the market appears to be taking a breather ahead of this week’s Fed meeting. “A lot of these companies have had good runs and this is part of a healthy correction,” Mike Balkin, portfolio manager of the William Blair Small Cap Growth Fund, said. Trading volumes will likely be lower ahead of the meeting as investors and analysts await word from Yellen about the future of interest rates and monetary easing in the U.S.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,234.80 Up $2.30
- Silver, $18.74 Up $0.07
- Platinum, $1,363.40 Down $8.10
- Palladium, $834.90 Down $1.10
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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
