Morning Gold & Silver Market Report – 10/8/2014
Ryan Schwimmer
10/8/2014 8:07:54 AM
GOLD REBOUNDS AS PHYSICAL DEMAND INCREASES
Gold and Silver prices continue to rebound from lows experienced earlier in the week as stock markets slow down. Saxo Bank head of commodity research Ole Hansen explained, “Precious Metals are finding support from several corners today. Stock markets are once again showing signs of weakness, while U.S. bond yields are moving lower once again. Adding to this is a sense that the [U.S.] dollar now may need a bigger correction before buying resumes, while the return of China to these lower levels have raised expectations about demand.”
Oil is now following Gold’s movement of late, as crude-oil futures hit a 2014 low as reality failed to live up to expectations. Daniel Hynes, senior commodities strategist at ANZ Bank, said, “We haven’t really seen a significant shift in fundamentals. The investor base has become increasingly bearish on the lack of supply disruptions that were expected following Middle Eastern geopolitical events that haven’t eventuated.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,220.00, Up $5.60.
- Silver, $17.40, Up $0.09.
- Platinum, $1,277.30, Up $13.40.
- Palladium, $799.60, Up $11.60.
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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
