Morning Gold & Silver Market Report – 10/14/2014
Brandi Brundidge
10/14/2014 8:40:00 AM
GOLD ON RISE; CRUDE OIL MOVING DUE TO SUPPLY
Precious Metals prices are on the rise this morning, with Gold close to its highest price in nearly four weeks, as the market has noticed slowing global economic growth. “What we saw last week was that the dollar hit its strongest level to the euro in a couple of years, when Gold fell to its lowest price since December 2013,” Thorsten Proettel, a commodity analyst at LBBW, said. Investors are eyeing the eurozone after the euro fell following a drop below zero in consumer confidence, which had not occurred in nearly two years. “The U.S. dollar to euro rate is a very strong argument for Gold or against Gold,” Proettel added.
The International Energy Agency cut its outlook for crude oil demand after the U.S. benchmark reached its lowest level since November 2012. “The large downward move in oil over the past two weeks was mostly speculative, in our view. While the market remains oversupplied and lower OPEC production should be required, we see few signs of new deterioration in fundamentals,” Morgan Stanley analyst Adam Longson said in a report. Phil Flynn, senior market analyst at Price Futures Group in Chicago, stated what is obvious, “More supply and less demand make for a much lower oil price.”
At 9:30 am (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,235.80 Up $3.80
- Silver, $17.53 Up $0.13
- Platinum, $1,270.20 Up $7.00
- Palladium, $795.00 Up $8.00
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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
