Closing Gold & Silver Market Report – 10/30/2014
Brandi Brundidge
10/30/2014 5:12:00 PM
GOLD DOWN AS U.S. DOLLAR RISES AND MARKET REACTS TO FEDS QE CONCLUSION
Gold hit nearly a four week low today after the market had time to digest yesterday’s news that the Fed is ending its QE program. As expected, U.S. data was released today showing strong third quarter economic growth figures, which lifted the U.S. dollar and pressured Gold. "The feeling was that given the turmoil markets had seen earlier in the month, maybe the Fed might have been a little more dovish," Michael Lewis, head of commodity research at Deutsche Bank, said. "(But) what the Fed said was that that hadn't changed its outlook."
The former Federal chairman from 1987 to 2006, Alan Greenspan, recently shared his feelings on the Feds decision to end its monthly bond buying program and his preferences for good investments. Greenspan commented on QE that he believes the program did not work properly, but it did lift asset prices. Also, the former chairman spoke to the Council on Foreign Relations and recommended to listeners that under current economic circumstances, Gold is perhaps a good investment.
At 6:25 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,202.50 Up $1.40
- Silver, $16.58 Up $0.08
- Platinum, $1,251.00 Up $3.10
- Palladium, $781.70 Up $0.00
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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
