Morning Gold & Silver Market Report – 10/2/2014

Ryan Schwimmer

10/2/2014 8:20:15 AM

JOBLESS CLAIMS FALL, HAVE LITTLE IMPACT

Gold and Silver prices are trading lower this morning and were little changed after the release of weekly jobless claims numbers. The U.S. dollar’s rally is halted, at least for now, but Precious Metals demand is keeping a tight lid on prices. INTL FCStone is still a supporter of the yellow metal, as they said in a note, “With the likelihood of further weakness in equity markets, coupled with the still volatile situation in Hong Kong, we would rather not want to be short Gold here, as we think the Precious Metal may benefit from some short-covering heading into the weekend.”

The number of new U.S. jobless claims for last week fell by 8,000 from the previous week’s level. This result was unexpected, but had little impact on markets as U.S. stock futures remained off. The European Central Bank’s policy decision was closely scrutinized this morning, but ultimately led to no changes to the eurozone’s rate policy.

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

• Gold, $1,215.20, Down $1.80.
• Silver, $17.14, Down $0.19.
• Platinum, $1,276.80, Down $14.80.
• Palladium, $776.60, Down $8.00.

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.