Closing Gold & Silver Market Report – 10/22/2014

Peter LaTona

10/22/2014 3:11:00 PM

METALS, STOCKS FALL AFTER SHOOTING AT CANADIAN PARLIAMENT

Gold and Silver came down modestly from recent six week highs while the Dow was off 153 points on news coming out of Canada. A military guard died from gunshot wounds after an attack at the National War Memorial in Ottawa, followed by multiple rounds reportedly fired at the adjacent Parliament building. This exacerbated concerns about Canadian terrorist attacks after a radical jihadist ran over two soldiers near Montreal Monday, killing one. “It hits close to home, and with everything going on in the world, perhaps it's a contributor,” Williams Capital Group head equity trader Stephen Carl said of the situation in Canada's capital, where lawmakers reportedly barricaded themselves in their offices. Ottawa police are still searching for possible suspects.

Investors are paying close attention to the price of crude oil, as declining prices are seen as a sign of a weakening global economy. New price dips today are leading to speculation that crude oil could fall below what is considered to be a critical point of $80 per barrel. However, JPMorgan Funds Chief Global Strategist David Kelly suggested on CNBC’s “Closing Bell” that the negative outlook was misguided, saying, “Falling oil prices are positive for the U.S. economy. Ultimately that's a reason for stocks to go up.” He believes Wall Street will catch on sooner than later and went on to say that people who correlate oil prices with the global economy are wrong. UBS Director of Floor Operations Art Cashin, a regular guest on CNBC, disagrees and is concerned oil will break below $80.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,243.30 Down $10.40
• Silver, $17.21 Down $0.40
• Platinum, $1,264.80 Down $20.20
• Palladium, $770.40 Down $6.70

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.