Closing Gold & Silver Report – 10/15/2014
Peter LaTona
10/15/2014 4:23:59 PM
GOLD RISES, U.S. EQUITIES SINK ON DISAPPOINTING DATA
The Dow fell more than 400 points before staging a rally to close down only 173 points, while the U.S. dollar fell to a three-week low versus the euro. The stock market began to dive following a report showing September retail sales fell along with producer prices. Signals that the U.S. economy may be struggling combined with the reality of the struggling global economy sent investors to safe havens like Gold and Silver. U.S. Treasuries jumped as 30-year bonds hit a two-year low.
Art Cashin of UBS Financial Services said today that of all the negatives in the markets, the one to watch is oil prices. "It has returned to the downside," Cashin said Wednesday on CNBC's "Power Lunch," and this has spooked NYSE floor traders. Looking ahead to Thursday, Cashin added if oil drops below $80, the effects could be even worse. "What happens in the energy markets will be very important," Cashin added in an appearance on "Closing Bell."
At 5:00 pm (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.10 Up $6.80
- Silver, $17.51 Up $0.05
- Platinum, $1,265.20 Down $9.10
- Palladium, $768.80 Down $27.40
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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
