Closing Gold & Silver Report – 10/21/2014
Peter LaTona
10/21/2014 4:18:00 PM
CHINA, INDIA BACK IN GOLD MARKET IN A BIG WAY
In the past two years, we have seen an odd phenomenon in the Gold market. The weaker the price, the stronger the physical demand. China and India are among the countries hungriest for physical Gold and their appetite has been voracious. India’s Gold imports have risen 450 percent. Combined, India and China are buying enough to cover close to all global mined supply. It is also greatly suspected that the Chinese government is stocking up on Gold. They have not reported their Gold holdings since 2009, though it is expected they will do so when it becomes politically expedient.
Today was unusual in that both Gold and stocks went up. Stocks were up more than 200 points, while Gold passed $1,250 per ounce, on no particularly significant news. One trader credited today’s upswing as simple fluctuations. Gold continues to find support on global growth concerns, especially in the eurozone and China. China’s gross domestic product grew by 7.3 percent in the third quarter, the worst number in five years, though it was marginally better than economists had forecast.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,251.70 Up $5.00
- Silver, $17.57 Up $0.16
- Platinum, $1,282.70 Up $13.20
- Palladium, $776.80 Up $13.50
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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
