Morning Gold & Silver Market Report – 11/20/2014

Brandi Brundidge

11/20/2014 10:28:00 AM

GOLD REMAINS FLAT; U.S. UNEMPLOYMENT CLAIMS FALL

Gold is flat this morning after yesterday’s price drop quickly recovered thanks to bullish buyers. The U.S. Federal Reserve’s October policy meeting minutes were released Wednesday and reflected the likelihood of increased interest rates in 2015.  “After a big price drop in a small time, you get a return in Chinese demand, and that's what we've seen,” Natixis analyst Bernard Dahdah said. “But I wouldn't expect Gold to continue rising back to $1,250 [per ounce], mainly because of the stronger dollar.” The focus is currently on Swiss voters, who are deciding if the nation’s central bank should hold a minimum 20 percent of its assets in bullion.  A poll conducted Wednesday revealed voters rejected the proposal. 

The U.S. Labor Department stated today that initial claims for state unemployment benefits fell 2,000 to a reported 291,000 for the week ending November 15. The data provides a better overall picture for the four-week claims average, as weekly trends are combined and display stable growth in the job market. The overall goal is to keep unemployment claims under 300,000, which has occurred for the past 10 consecutive weeks.   

At 11:30 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,192.40 Down $4.50
• Silver, $16.24 Down $0.15
• Platinum, $1,207.40 Up $6.10
• Palladium, $768.40 Down $2.60

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.