Morning Gold & Silver Market Report – 11/25/2014
Brandi Brundidge
11/25/2014 10:10:00 AM
GOLD SLOWLY CLIMBS PAST $1,200; OPEC TO VOTE ON FUTURE OIL PRODUCTION
Precious Metals prices are up slightly this morning as the Swiss plan to vote Sunday on the Swiss National Bank holding a minimum 20 percent of its assets in Gold versus the 8 percent held last month. Bullish investors believe a ‘yes’ vote could support Gold prices in the future, but opinion polls show some voters are still undecided. “I don't think the Swiss vote will pass unless there [is] a sudden upswing in the 'yes' camp ... the number of undecided is around 15 percent and that could swing, but I don't see it happening. And if it passed, it wouldn't probably lift prices immediately because the market will be wanting to know how the Swiss increase their Gold: by swaps or by buying from other central banks,” Societe Generale metals analyst Robin Bhar said.
Another important debate is expected Thursday when the Organization of the Petroleum Exporting Countries (OPEC) could make an official decision on scaling back oil production by an estimated 1 million barrels per day. OPEC has surpassed its existing production limit of 30 million barrels a day, according to the International Energy Agency. Strategists at investment firm Stifel expect that, in addition to OPEC’s output reduction, “non-OPEC member Russia will join with up to a [500,000 barrel a day] cut for a total as high as 1.5 million barrels a day.” Oil prices have suffered this year due to an increased global supply along with weak demand.
At 11:10 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,201.40 Up $2.70
- Silver, $16.68 Up $0.20
- Platinum, $1,224.50 Up $15.00
- Palladium, $797.30 Up $6.20
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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
