Morning Gold & Silver Market Report – 10/9/2014
Ryan Schwimmer
10/9/2014 8:13:41 AM
GOLD, SILVER RECOVER SHARPLY AFTER FED MINUTES
After the Federal Reserve’s September meeting minutes were released Wednesday, Gold and Silver prices continue to recover from recent losses. The U.S. dollar fell, adding to Gold’s progress. An MKS SA executive said, “The air has been cleared and we know that an early interest rate increase in the U.S. is not as likely as people had expected. A lot of people were expecting the market to break down, so those who have been caught short will continue to buy back in the near term.”
U.S. stock futures are pointing toward a lower open for Wall Street this morning as investors look to lock in profits after yesterday’s gains. Alpari UK market analyst Craig Erlam said, “What we’re seeing heading into the open is profit-taking from yesterday’s trading where we saw nearly 2 percent gains, and I think that was a bit overdone. We’ve seen massive rallies off those Fed minutes, which weren’t exactly the most dovish thing we’ve ever heard and there was no real change in policy.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,230.10, Up $22.10.
- Silver, $17.56, Up $0.43.
- Platinum, $1,287.30, Up $18.40.
- Palladium, $808.80, Up $11.30.
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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
