Morning Gold & Silver Market Report – 10/1/2014

Ryan Schwimmer

10/1/2014 8:19:23 AM

“DR. DOOM” SPEAKS ON BLACK SWAN EVENTS

Gold is trading near nine-month lows in early-morning trading. Some analysts see the price falling further thanks to a snowball effect. Societe Generale analyst Robin Bhar said, “The weight of selling is such that I still see lower prices. We have the stronger dollar and investor disinterest, and if we drop below $1,200 or $1,180 [per ounce], you'll get the short sellers moving in because momentum will be accelerating.” Any number of events could occur in the meantime to prevent this from happening.

Economist Nouriel Roubini, known as “Dr. Doom” for his foretelling of various crises, spoke recently on black swan events, or events that are very difficult or impossible to predict that could severely impact markets. He said, “A surprise terrorist attack could unnerve global markets. Markets tend to disregard the risks of events whose probability is hard to assess but that have a major impact on confidence when they do occur.”

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

• Gold, $1,216.10, Up $3.00.
• Silver, $17.21, Up $0.07.
• Platinum, $1,279.50, Down $23.00.
• Palladium, $771.50, Down $3.60.

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