Morning Gold & Silver Market Report – 10/16/2014

Paul Stevens

10/16/2014 10:15:00 AM

GLOBAL ECONOMIC CONCERNS PROVIDE STABLITY FOR METALS

Precious Metal prices are showing a small decline in early morning trading.  Although there is a slight dip in Gold, it is still retaining its recent gains and trading near its highest point in over a month.  As investor’s concerns continue to increase over a sluggish global economy, many are looking to avoid risker assets, such as equities, and are instead turning to the safe-haven appeal of Precious Metals.  INTL FCStone analyst Edward Meir said, “With no sign that the selloff is over in any of these three complexes, it seems that the precious metal will continue to receive a bid and we would therefore want to maintain a long exposure for the time being.”

The U.S. dollar gained a very small percentage against a basket of major currencies, while European shares extended their losses from Wednesday when they experienced their biggest one-day drop in almost four years.  As traders continue to digest a potential global economic slowdown, some analysts are expecting a benefit for Gold. “With all the global growth worries, you'd have to bet that gold holds its own here and may look to test $1,250 and higher, depending on what the U.S. stock markets do this afternoon,” Societe Generale analyst Robin Bhar said.

At 11:15 am (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,242.20 Down $4.60
• Silver, $17.40 Down $0.12
• Platinum, $1,248.50 Down $14.40
• Palladium, $731.60 Down $33.60

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