Morning Gold & Silver Market Report – 9/22/2014
Ryan Schwimmer
9/22/2014 8:22:47 AM
GOLD PRESSURED; CHINESE DATA WORRIES INVESTORS
Federal Reserve interest rate speculation is driving the price of Gold down slightly in early-morning trade. The Silver price is likewise down after a large drop Friday. Heraeus said in a note, “(Silver) continues to be in a downward channel currently, without any arguments for a sustained upward development. ETF holdings have also experienced a small setback in the course of the past week. Instead of going bargain hunting, even Asia put itself on the selling side this morning.”
U.S. stock futures are pointing to a lower open for Wall Street as concerns out of China resurfaced. A key index out of Hong Kong fell to two-month lows, and all eyes are now on HSBC’s estimate of China’s purchasing managers index due later today. Some investors worry that the index will indicate economic contraction in the emerging market, and the Chinese government has already committed against monetary easing. Stuart Beavis of Vantage Capital Markets said, “We’re not going to see this wall of money thrown at the Chinese slowdown.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,216.80, Down $1.30.
- Silver, $17.81, Down $0.09.
- Platinum, $1,334.50, Down $4.80.
- Palladium, $806.50, Down $6.10.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
