Closing Gold & Silver Market Report – 10/20/2014
Peter LaTona
10/20/2014 4:01:00 PM
GOLD, SILVER HOLD GAINS AS STOCKS REBOUND
The stock market had an ugly open today on the disappointing earnings outlook coming out of IBM. One concern was that IBM earnings might foretell things to come, but these fears subsided on Apple’s positive quarterly results and stocks bounced into positive territory for the third day in a row. Gold and Silver maintained positive momentum on a weaker U.S. dollar and continuing geopolitical fears.
Russia, who has been hit hard by economic sanctions from the West, is on a Gold feeding frenzy. Russia holds the world’s fifth largest basket of foreign currencies and, as they are not enamored with the dollar or euro right now, they are focused on heightened purchases of Gold. This is not only a reaction to the sanctions; there is also concern about bulging debt in the U.S. and eurozone. A senior Russian official said President Vladimir Putin's administration has reviewed their currency reserves and is looking to separate from the dollar and euro to provide countermeasures against the sanctions. Russia’s recent buying activity has made them the fifth largest holder of Gold.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, 1,249.20 Up $8.20
- Silver, $17.48 Up $0.09
- Platinum, $1,269.80 Up $6.30
- Palladium, $763.50 Up $5.80
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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
