Closing Gold & Silver Market Report – 9/29/2014

Ted Prince

9/29/2014 4:00:00 PM

GOLD HIGHER AS HONG KONG PROTESTS BREED UNCERTAINTY

The Gold price edged slightly higher Monday as Asian markets were disrupted in the wake of pro-democracy protests in Hong Kong over the weekend.  Investors sought the safe-haven appeal provided by Precious Metals as lower prices have also influenced demand from bargain hunters.  The yellow metal is hoping to rebound following four straight weeks of losses.  With stock markets suffering downward pressure since last week, Gold bugs hope ongoing uncertainty among equities can help reverse the negative trend for Precious Metals as investors await economic reports due later this week.  

U.S. stocks fell again Monday as protests in Hong Kong weighed on equities following the S&P 500’s worst week since July.  “There’s this sense of foreboding in the stock markets that we’re almost deserving of at least a correction,” Drew Wilson, an investment analyst with Fenimore Asset Management, said. “Nobody wants to be in the way of that. We’ve had one tiger awaken in Russia and now we have a tiger awakening in China and that’s a little too much risk and uncertainty for U.S. stock market investors to have on their plates.”  Coupled with uncertainty surrounding a hike in U.S. interest, equities investors are wondering if and when a correction could send stocks substantially lower. 

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,217.90 Up $1.00
• Silver, $17.55 Down $0.06
• Platinum, $1,310.30 Up $7.20
• Palladium, $791.50 Up $7.80

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