Morning Gold & Silver Market Report – 10/7/2014

Paul Stevens

10/7/2014 8:11:00 AM

METALS CONTINUE RALLY AHEAD OF FED MINUTES

Precious Metal prices are rising through early morning trading. Although the U.S. dollar is rallying toward a four year high, a recent rare dip has kept the currency from making a solid advance and has taken some pressure off Gold. Even with today’s gains, some analysts are forecasting a rough road ahead for the metals. INTL FCStone analyst Edward Meir said, “We suspect that Gold prices will likely crash through this [$1,180 per ounce] mark, perhaps as soon as this week and eventually push down to $1,150 over the course of October.”

Although the dollar has been on a recent rally, a pause in the jump helped Gold have its biggest one-day gain in two months. Many see Wednesday’s release of the recent Federal Open Market Committee meeting minutes and return of Chinese buyers to the physical market as key factors in the direction of Gold. In a note, UBS states, “Over the coming days through to next week, the response of physical markets to a lower Gold price will be crucial and will heavily influence Gold's next direction from here.”

At 9:10 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,1209.40, Up $0.10.
• Silver, $17.34, Up $0.03.
• Platinum, $1,264.20, Up $13.00.
• Palladium, $779.50, Up $12.40.

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