Morning Gold & Silver Market Report – 9/24/2014

Ryan Schwimmer

9/24/2014 8:21:01 AM

FUND MANAGER: ‘VERY LITTLE DOWNSIDE’ IN GOLD

The Gold price is mostly flat in morning trading, taking a cue from the U.S. dollar. While Gold has given up most of its gains for 2014, some analysts are calling for a different extreme for the yellow metal. Fund manager Stephen Leeb said, “There is very little downside left in the Gold market. We will have to see $10,000 [per ounce] Gold in order to rationalize the kind of trade the world does. That’s the bottom line. So investors have to own the metal ahead of the coming repricing of Gold in order to protect themselves.”

U.S. stock futures are pointing to a higher open for Wall Street ahead of two speeches by regional Federal Reserve presidents. Cleveland Fed President Loretta Mester, a voting member of the Fed’s policy committee, is set to speak on the economy at 12:15 p.m. (ET). Chicago Fed President Charles Evans is slated to speak about the economy and monetary policy at 1 p.m. (ET). Evans will be a voting member for the Fed in 2015. Last week, Dallas Fed President Richard Fisher mentioned he would like to see interest rates raised in spring as opposed to summer. Those comments led to significant drops in Gold and Silver prices.

At 9 a.m. (ET), the APMEX Precious Metals prices were:

• Gold, $1,222.70, Down $0.80.
• Silver, $17.75, Down $0.10.
• Platinum, $1,331.70, Down $3.00.
• Palladium, $821.50, Up $5.80.

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.