Closing Gold & Silver Market Report – 10/14/2014

Peter LaTona

10/14/2014 4:02:00 PM

DOW SLIGHTLY DOWN; GOLD, SILVER MAINTAIN GAINS

Gold and Silver prices continued an upbeat week with modest gains. The U.S. equity market ended a severe three day skid, but gains were minimal. The S&P 500 and Nasdaq were up slightly while the Dow slipped five points. U.S.-led airstrikes intensified as Islamic State fighters threatened Kurds along the Syria-Turkey border. Asya Abdullah, co-chair of PYD, the dominant Kurdish political party in Syria, said the latest air strikes “are hitting Islamic State targets hard and because of those strikes we were able to push back a little. [The Islamic State is] still shelling the city center."

The Russian and Swiss central banks are targeting Precious Metals, but for very different reasons. Russia is the fifth largest holder of Gold reserves, and their central bank chiefs plan to meet with officials from South Africa, the world’s leading miner of Platinum, to discuss buying both Platinum and Palladium to support prices. Russia is the world’s leading miner of Palladium, so Russian purchases would greatly benefit both countries. The Swiss National Bank faces a popular vote that would force them to greatly increase their Gold allocation in the foreign reserve currency basket. This would overturn a 1999 vote, in which voters approved taking the Swiss franc off the Gold standard.

At 5:00 pm (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,235.00 Up $3.00
• Silver, $17.45 Up $0.05
• Platinum, $1,268.50 Up $5.30
• Palladium, $794.10 Up $7.20

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.