Morning Gold & Silver Market Report – 9/19/2014
Ryan Schwimmer
9/19/2014 8:29:56 AM
FAILED SCOTTISH INDEPENDENCE BID BOOSTS STOCKS
A ‘no’ vote for independence in Scotland has boosted stocks around the globe, with Precious Metals keeping their typical negative correlation with the stock market in tact by turning downward. The U.S. dollar is also stronger in early-morning trade, continuing its run to a fresh 8-year high. MKS SA head of trading Afshin Nabavi said, “Physical demand is starting to pick up with lower prices but it's not aggressive yet. We may have a bit more room on the downside towards $1,200/$1,180 [per ounce] and that should see buying increase.”
In what’s being called a “relief rally,” U.S. stock futures are poised to open higher thanks to the aforementioned vote in Scotland. The U.K. is to remain intact after 85 percent of the population of Scotland turned up to vote. Evan Lucas, market strategist at IG Markets, said, “The biggest market volatility events of 2014 are almost over.” Stocks will also be impacted by “the world’s largest IPO ever,” set to launch Friday belonging to Chinese e-commerce company Alibaba.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,226.30, Down $1.60.
- Silver, $18.53, Down $0.04.
- Platinum, $1,347.90, Down $2.60.
- Palladium, $824.90, Down $6.80.
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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
