Morning Gold & Silver Market Report – 10/30/2014
Paul Stevens
10/30/2014 11:08:00 AM
METALS CONTINUE FALL ON FED’S DOVISH STANCE
Precious Metal prices are moving rapidly and trading lower through morning trading. Since Wednesday’s announcement was made by the U.S. Federal Reserve to officially end the stimulus program that has provided support the economy, metals prices have been retreating. However, even with today’s losses some analyst are positive about the direction of Gold and believe the recent selloff in Gold prices is overdone and demand for the metal has already rebounded. HSBC analyst Patrick Chidley said, “ The most recent economic news points to the need for more monetary stimulus, which could be gold-positive, at least in the long run.”
A day after the Federal Reserve’s recent statement, the U.S. dollar climbed to its highest point in more than three weeks. Although the investors are continuing to take in the dovish tone from the Federal Reserve, upcoming data should also play a factor is Gold’s pricing. Esther Reichelt, currency strategist at Commerzbank said, “ "The positive sentiment is likely to be reinforced by today's third-quarter gross domestic product data. ”
At 12:07 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,202.30 Down $25.10
- Silver, $16.50 Down $0.84
- Platinum, $1,247.40 Down $23.80
- Palladium, $783.50 Down $18.30
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.
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
