Morning Gold & Silver Market Report – 12/01/2014

Paul Stevens

12/1/2014 12:31:54 PM

METALS SURGE AS OIL REACHES FIVE YEAR LOW

Precious Metal prices are on the move through early morning trading as investors return from the holiday weekend.  Although Gold posted a two percent loss early this morning after Switzerland’s citizens voted against the referendum that would require the country to boost its Gold reserves to 20 percent, prices have rebounded and are rapidly increasing.  The U.S. dollar strength has also been a sticking point as of late and indicator for metals. Saxo Bank's head of commodity research Ole Hansen said, “A close back above $1,180 today will be viewed as positive and most likely trigger some additional short covering. Overall the dollar remain a key driver and after some early strength, not least against the Japanese yen, it has since given back some the gains, thereby giving metals some support.”

Stocks and commodities around the world are on the decline Monday as oil prices reach high five year lows.  The recent news of looser monetary policies in Asia and the Eurozone has raised investor concern and have some fearing what is down the road.   Neil Williams, chief economist at fund manager Hermes in London said, “Over-optimistic global growth forecasts have been pared back, and probably rightly so, and also China has come back on to the radar. And that of course has become a big driver for a lot of commodity prices.”

At 1:30 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,222.40 Up $42.90
• Silver, $16.71 Up $1.10
• Platinum, $1,247.00 Up $33.70
• Palladium, $809.80 Down $3.50

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