Closing Gold & Silver Market Report – 10/28/2014
Paul Stevens
10/28/2014 4:27:00 PM
METALS CONTINUE TO SHOW STRENGTH AHEAD OF FED STATEMENT
Precious Metal prices are continuing to show strength and prices push upward through afternoon trading. As investor prepare for the statement at the end of the two-day Federal Reserve meeting, soft U.S. consumer spending data has provided pressure to the U.S. dollar while giving the metals a boost. George Gero, vice president of RBC Capital Markets in New York, said, “The rally after today's durable goods number is somewhat reassuring the Fed meeting this week will not have any unusual language in reversing its continued low interest rates policy.”
Equities around the globe rose on Tuesday due to solid global corporate earnings and data showing an increase in U.S. consumer confidence. With the U.S. housing market struggling, some investors are attributing the movement to corporate earnings. King Lip, chief investment officer at Baker Avenue Asset Management in San Francisco, stated, “Corporate earnings continue to surprise and that has been the wind in the sails of this rebound.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,230.00 Down $1.30
- Silver, $17.25 Up $0.03
- Platinum, $1,269.50 Up $13.00
- Palladium, $794.50 Up $6.40
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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
