Morning Gold & Silver Market Report – 9/25/2014

Ryan Schwimmer

9/25/2014 8:16:21 AM

PHYSICAL BUYING MISSING FROM POTENTIAL REBOUND

The Gold price fell to a nine-month low in overnight trading as the U.S. dollar rose to a four-year high. One key factor missing from a potential Gold rebound is physical buying, specifically in Asia. VTB Capital analyst Andrey Kryuchenkov said, “The physical interest in Asia remains anaemic, and we still see little chance for a sustained price rebound without any consumer buying here.”

The weekly jobless claims report had little-to-no impact on the Gold price this morning, even as it showed an increase of 12,000 claims from last week. Durable-goods orders also disappointed, but on a record level. After a record 22.5 percent gain in July, orders dropped a record 18.2 percent in August. U.S. stock futures are pointing to a flat open for Wall Street. Joao Monteiro, analyst at Valutrades, was one of many expecting a drop in the durable-goods report. He said, “With fears running rife that the [U.S. Federal Reserve] may act too hastily in hiking interest rates, if this number comes in below forecast then we could well see traders given the excuse to book profits off the back of yesterday’s gains.”

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

• Gold, $1,213.20, Down $7.80.
• Silver, $17.54, Down $0.24.
• Platinum, $1,312.20, Down $9.20.
• Palladium, $807.80, Down $12.30.

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.