Morning Gold & Silver Market Report – 10/17/2014
Paul Stevens
10/17/2014 8:46:45 AM
METALS FLAT AS FED SPECULATION GROWS
Precious Metal prices are relatively flat through early morning trading. As investor concerns continue growing over a global economic slowdown, Gold’s safe haven appeal has been boosted and the metal is set for its second consecutive week of gains. ABN Amro analyst Georgette Boele said, “There has been a move down in the dollar and equities this week, but in comparison the upside in gold has been relatively modest.”
U.S. stocks futures rallied Friday on speculation the Federal Reserve will provide more stimulus and continue to support economic growth. However, the S&P 500 is down 2.3 percent this week alone and preparing for the fourth consecutive week of losses. Virginie Robert, co-founder of asset-management firm Constance Associes in Paris, said, “The market was clearly oversold and today’s gains are just a rebound. Central banks can provide more support but they can’t do everything. A good earnings season could give us the confidence that the market needs.”
At 9:46 am (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,240.70 Down $2.50
- Silver, $17.38 Down $0.12
- Platinum, $1,263.10 Up $9.20
- Palladium, $754.50 Up $7.50
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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
