Morning Gold & Silver Market Report – 10/22/2014
Paul Stevens
10/22/2014 8:21:00 AM
METALS DOWN AS CONSUMERS DIGEST DATA
Precious Metal prices are lower in early morning trading. Although Gold is coming off a six week high, softened physical demand along with a slightly higher U.S. dollar provide some pressure to metals. However, with investors still concerned about a slowing global economy and news from China showing third quarter growth was the slowest since 2009, some expect Gold to rally. Mitsui Precious Metals analyst David Jollie said, “Any period of dollar strength is going to weigh on Gold [but] we've moved from people having a very bearish sentiment to a more mixed sentiment, and a more bullish outlook.”
U.S. stocks haven’t shown much movement Wednesday, a day after equities posted their best performance of the year. As investors continue to weigh consumer data for direction, advisors prepare for a slow day. Huntington Asset Advisors Chief Investment Officer Randy Bateman said, “It might be kind of a slow reflection day today. We’ll probably just have a little digestion from yesterday. Right now, we’re looking at earnings being the driving force of this market. There will be winners and losers.”
At 9:20 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, 1,246.90 Down $6.80
- Silver, $17.31 Down $0.30
- Platinum, $1,272.60 Down $12.40
- Palladium, $775.50 Down $1.50
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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
