Mid-Day Gold & Silver Market Report – 9/22/2014
Ted Prince
9/22/2014 12:36:00 PM
METALS NEAR EVEN FOLLOWING MORNING SLUMP
The Gold price remains at an eight month low today as an extended rally by the U.S. dollar continues to put pressure on Precious Metals. Though Gold and Silver both rebounded to even levels following morning lows, metals continue to feel the weight of the U.S. dollar currently trading at its highest since mid-2010. The greenback’s extended win streak follows widespread expectations that higher federal interest rates are on the short-term horizon. With Silver trading under $18 an ounce and Gold erasing all gains for the year, many investors are seeking out bullion coins and bars in an effort to take advantage of bargain prices.
U.S. stocks are trading lower today as economic figures at home and abroad negatively impacted equities. Though benchmark indexes have continued to breach record levels time after time, many experts are anxious as warning signs point to the potential for a pullback within the next month. “There are enough warning signs to suggest at least a modest pullback,” Jonathan Krinsky, technical strategist at MKM Partner, LLC, said. “We think some seasonal weakness into early October makes sense.” Donald Selkin, chief market strategist at National Securities Corp. added, “The internals for the market are horrible today. Maybe the feeling is that we might finally be ready for a more serious down move.” A significant correction among stocks could influence Gold and Silver to rebound from their current slump.
At 1:35 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,220.00, Up $1.90.
- Silver, $17.90, Down $0.01.
- Platinum, $1,333.60, Down $5.70.
- Palladium, $802.30, Down $10.30.
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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
