Morning Gold & Silver Market Report – 11/19/2014
Paul Stevens
11/19/2014 8:45:00 AM
METALS RISING AHEAD OF FED MINUTES
Precious Metal prices are bouncing in early morning trading as Gold holds near $1,200. Yesterday, Gold reached its highest point since October 30th, but saw a slight dip today as investors prepare for the release of the Federal Reserve minutes later today and an opinion poll in Switzerland ahead of their Gold referendum scheduled for next week. LBBW analyst Thorsten Proettel said, “What we've seen is a bit of short covering, because people had thought gold prices would fall further ... and that didn't happen.”
U.S. stocks are on the downturn today as investors digest data which shows housing starts fell in October while also waiting minutes from the October’s Federal Reserve meeting. Investors are anticipating they will receive some direction from the minutes and reports with data on inflation and economic growth. Jasper Lawler, a market analyst at CMC Markets Plc in London said, “There’s been a build up to what the Fed will say today. The market’s been in quite a tight channel. Last time, they left the ‘considerable period of time’ phrase but they tweaked some other language. They’re clearly trying to get the message across that things are getting better.”
At 9:43 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,200.10 Up $00.00
- Silver, $16.37 Up $0.10
- Platinum, $1,206.60 Up $0.00
- Palladium, $779.50 Up $1.80
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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
