Closing Gold & Silver Market Report – 9/30/2014
Ted Prince
9/30/2014 4:34:00 PM
GOLD, SILVER DROP AGAIN AS DOLLAR RALLIES
The Gold price dipped to a fresh nine month low today as strength in the U.S. dollar continues to weigh on Precious Metals prices. With overseas tensions failing to influence safe-haven demand, an ongoing rally by the greenback has taken center stage as the principal motivator of lower Gold and Silver prices. “It’s really been the dollar that probed Gold lower since the beginning of July,” Adrian Day, president of Adrian Day Asset Management, said. “Silver is Gold on steroids and tends to exaggerate the moves.” Both metals have erased all year-to-date gains and the continued win streak of the dollar has many bullion investors wondering when Precious Metals can reverse their current bearish trend.
U.S. equities realized another session of modest losses today as energy and small-cap shares pulled benchmark indexes lower amid a dip in consumer confidence. “It’s quarter-end, investors are parsing out the economic data and the geopolitical landscape,” Edward Jones Canadian Market Strategist Craig Fehr said. “Investors are trying to digest all of this news and we’re here at the end of the month and end of the quarter so there’s some short-term repositioning in the market.” Domestic data will be analyzed by investors to see whether or not economic improvement is strong enough to support higher interest rates in the near future.
At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,210.70 Down $9.60
- Silver, $17.04 Down $0.61
- Platinum, $1,302.80 Down $8.70
- Palladium, $772.90 Down $16.60
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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
