Morning Gold & Silver Market Report – 10/31/2014
Paul Stevens
10/31/2014 10:31:09 AM
BANK OF JAPAN SHOCKS MARKETS, PRESSURES METALS
Precious Metal prices are continuing their decline in early morning trading, with Gold and Silver reaching four year lows. New data released showing an improved U.S. economy, along with a new round of quantitative easing by the Bank of Japan, has provided additional pressure to metals while boosting the dollar and markets. ActivTrades analyst Carlo Alberto De Casa said, “Spot Gold could fall further towards the $1,120 [per ounce] level if the dollar strengthened even more significantly.”
U.S. stocks jumped Friday and the S&P 500 reached an all-time high. The unexpected move by the Bank of Japan (BOJ) to provide further stimulus has boosted faith in the global economy. Patrick Moonen, a senior strategist at ING Investment Management, said, “The BOJ move is the icing on the cake. Fundamentals are still good. Corporate earnings are better than expected, U.S. macro data came in strong and even the data in the (eurozone) show signs of stabilization.”
At 11:28 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,166.70 Down $34.90
- Silver, $15.97 Down $0.56
- Platinum, $1,227.20 Down $20.70
- Palladium, $785.40 Up $3.60
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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
