Closing Gold & Silver Market Report – 9/17/2014

Paul Stevens

9/17/2014 4:05:00 PM

METALS TAKE HIT AS FED STAYS THE COURSE

Precious Metals are on the decline in afternoon trading. The U.S. Federal Reserve’s announcement they will keep interest rates near zero for a “considerable time” has pressured the metals. However, some traders are already moving on and expect the vote on Scotland’s independence to affect Gold’s direction. Edward Meir of INTL FCStone said, “We do expect to see a massive short-covering rally in Gold if Scotland votes ‘yes’, an event that should be momentous in terms of the economic fallout on both the U.K. and Europe.”  

Stocks around the world gained Wednesday as markets continue digesting news that the U.S. Federal Reserve, as expected, will keep interest rates low. Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York, said, “There are no major changes, and the market should be reasonably satisfied with that. I don't think (Fed Chair Janet) Yellen wants to become more hawkish given that we've seen some softening in the labor market.”

At 5:06 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,225.40 Down $12.30
• Silver, $18.60 Down $0.19
• Platinum, $1,353.00 Down $15.30
• Palladium, $835.60 Down $8.70

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