Daily Gold & Silver Market Report 4/15/2015

Brandi Brundidge

4/22/2015 9:12:00 AM

GOLD’S SAFE HAVEN APPEAL RETURNING; CRUDE SUPPLIES REMAIN HIGH

Gold might be headed toward safe haven status on investor concern over whether Greece will resolve its debt crisis by the end of April. If they fail, they may be asked to exit the eurozone, which could create a bullish market for Precious Metals. “The (Gold) market is growing tired of watching the Greek saga, while tensions in Yemen, an element of support to safe-haven bids, seem to have eased,” Saxo Bank senior manager Ole Hansen said. European equities fell Wednesday, causing the U.S. dollar to fall against other major currencies as Precious Metals are also down slightly. 

Oil prices appear to be supported on anticipation that U.S. oil production could slow in the upcoming months. There has been no meaningful slowdown in production, as record levels of oil stockpiles have been reported recently. The American Petroleum Institute stated Tuesday U.S. crude supplies increased by 5.5 million barrels last week. “Market focus has remained squarely on the U.S., particularly on the likely timing of a downturn in U.S. crude oil output and inventories,” Standard Chartered head of commodities research Paul Horsnell said in a report.

At 10:15 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,192.50 Down $13.50
• Silver, $15.89 Down $0.23
• Platinum, $1,134.10 Down $19.40
• Palladium, $759.60 Down $16.90

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