Morning Gold & Silver Market Report – 10/13/2014

Peter LaTona

10/13/2014 9:34:00 AM

GOLD, SILVER OFF TO QUICK START; GOLD HITS FOUR-WEEK HIGH

Two factors boosting Gold and Silver’s safe haven appeal today are growing concern about the declining global economy and the possibility this will cause the U.S. Federal Reserve to push back raising interest rates. “Gold is going to be doubly influenced by both the equity markets and the dollar over the course of the week,” Edward Meir, an analyst at INTL FCStone Inc., wrote in a note. “Both will continue to drop over the short term, offering a measure of support to prices.”

The U.S. stock market was set to open positive, but has since fallen below par. Following a third week of losses, the Dow industrials dropped into negative terrain for the year. Investors have woken up to the fact that a declining global economy will affect the U.S. “There is a theme of slowing global growth outside of the U.S. which is a moderate threat to the U.S. equity market. Weaker numbers from Germany confirmed a continuation of the European malaise and this reality, combined with a stronger dollar, could detract somewhat from U.S. corporate earnings in the months ahead,” J.P. Morgan Funds chief global strategist David Kelly noted in an email.

At 10:30 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,232.00 Up $8.40
• Silver, $17.44 Up $0.08
• Platinum, $1,263.90 Up $0.30
• Palladium, $784.80 Down $1.30

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