Closing Gold & Silver Market Report 9/22/2014

Brandi Brundidge

9/22/2014 3:52:00 PM

METALS ON THE MOVE; U.S. DATA NOT TO INVESTOR EXPECTATIONS

Since late last week, Precious Metals prices have felt the pressure of a stronger U.S. dollar and technical selling, which caused Gold to drop to its lowest point since early January 2014.  Speculation is to blame for significant Precious Metal price movement with concern the Federal Reserve will raise interest rates earlier than expected. "Fed policy will continue to be the enemy of Gold bulls,” Deutsche Bank said in a weekly note. "In an environment where U.S. long term real yields and the U.S. dollar keep rising, Gold prices will remain under pressure."  Silver has edged back up since this morning when it fell to its lowest price since June 2010.  "[Silver] continues to be in a downward channel currently, without any arguments for a sustained upward development," Heraeus said in a note.

Pessimistic U.S. data released today worried investors and caused U.S. stocks to fall.  Today, the Chicago Federal Reserve reported a decline in economic activity for August and the National Association of Realtors reported sales of existing homes surprisingly fell in August as well.  This is a bit shocking, as the U.S. economy has supposedly performed well since the Fed shared its strategy to end its tapering program and raise interest rates in the near future.

At 4:52 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,216.60, Down $1.50.
• Silver, $17.80, Down $0.11.
• Platinum, $1,328.00, Down $11.30.
• Palladium, $802.00, Down $10.60.

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