Closing Gold & Silver Market Report – 10/9/2014

Peter LaTona

10/9/2014 2:38:00 PM

GOLD, SILVER MAINTAIN GAINS; STOCKS DIVE 300 POINTS

The U.S. stock market had its worst day of the year and more than erased yesterday’s rally. The U.S. corporate earnings and jobs reports were nearly overlooked as traders focused on global concerns, especially in the eurozone. Add the global economic concerns to geopolitical tension and a growing Ebola threat, and you get a big market drop. "To some extent we've lost the optimism that drove the markets higher over the course of the year, whether it's worry about the impact of people dying of the latest contagion, whether worry about what will happen when the [U.S. Federal Reserve] is no longer pumping money into the economy, or Europe and the slowing there," Key Private Bank Chief Investment Strategist Bruce McCain said.

Gold retailers and traders in India imported more Gold in September than they had in 15 months. The last week of the month put them over the top as they took advantage of lower Gold prices. At the same time, they are stocking up for an anticipated huge festival season demand. In September 2013, Gold imports were at $682 million and this year they are at $4 billion. On a year-over-year basis, Gold imports jumped more than 500 percent. 

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,226.50 Up $18.50
• Silver, $17.44 Up $0.31
• Platinum, $1,277.40 Up $8.50
• Palladium, $796.40 Down $1.10

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.