Mid-Day Gold & Silver Market Report – 9/19/2014
Ted Prince
9/19/2014 12:21:00 PM
DOLLAR REALIZES 10TH STRAIGHT WEEK OF GAINS; GOLD FEELS PRESSURE
Precious Metals have fallen again during morning trading as the U.S. dollar and equities markets continue to surge. “Money continues to move into equities, and there is more optimism about the U.S. economy,” Vision Financial Markets director of metal trading David Merger said. “The dollar continues to put pressure on Gold prices.” The Gold price continues to hover near an eight-month low as Silver has fallen all the way to its lowest level in four years. The dollar is looking to realize its 10th straight weekly gain as the ongoing pressure applied by the greenback continues to keep a metal rally at bay. Gold bugs will monitor prices to see if a new resistance level can be created from which metals can rebound.
U.S. stocks are trading near even as shares waver following the IPO of Chinese e-commerce giant Alibaba Group Holding Ltd. “Some of the macro headwinds have subsided a little bit,” Jim Kee, president and chief economist South Texas Money Management, said. The market “corroborates with the reduced uncertainty, the increase in confidence and frankly appetite for risk.” Following its ascension to a new record level, it is not unusual for equities to take a breather.
At 1:20 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,218.20, Down $9.70.
- Silver, $17.98, Down $0.60.
- Platinum, $1,337.70, Down $12.80.
- Palladium, $816.60, Down $17.00.
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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
