Morning Gold & Silver Market Report – 10/29/2014
Paul Stevens
10/29/2014 9:09:00 AM
SPECULATION DRIVES METALS AHEAD OF FED STATEMENT
Precious Metal prices are off to a stagnant start in early morning trading. As the two-day U.S. Federal Reserve meeting comes to a close, investors expect an announcement on the end of quantitative easing (QE). However, not everyone is confident in the Fed’s decision to stop its bond-buying stimulus program. Investment broker Peter Schiff told CNBC in an interview, “The Fed is probably going to continue the pretense that it can end the QE program, which it can’t. In fact, the bubble economy that the Fed inflated is more dependent on quantitative easing now than it was before.”
Stock prices around the world rose Wednesday, getting a boost from positive corporate earnings and speculation the Federal Reserve won’t raise interest rates in the near future. With so much focus on today’s Fed statement, the market could be in line for some volatility. Michael Hewson, chief strategist at CMC Markets in London, said, “Markets are banking on the prospect that the Federal Reserve will do everything in its power to anchor interest rate expectations at, or below, current levels. Any attempt to alter the (policy statement's) language in anything other than a dovish fashion could well see markets take fright.”
At 10:07 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,226.70 Down $4.70
- Silver, $17.29 Up $0.01
- Platinum, $1,272.90 Up $4.60
- Palladium, $800.10 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
