Daily Gold & Silver Market Report – 5/18/2015

Paul Stevens

5/18/2015 11:23:00 AM

METALS RISE ON WEAK DATA; GREECE TALKS CONTINUE

Precious Metal prices continue to rise during morning trading hours with Gold reaching a three month high. As investors await the minutes of the Federal Reserve’s April meeting, due Wednesday, disappointing economic data has supported metals. Many analysts are looking at September for an interest rate hike, which could be big news for Gold. Capital Economics analyst Simona Gambarini said, “The U.S. data has been a lot weaker than expected, which has calmed investors who had been expecting a June or July rate hike. We're of the view that September is the most likely date when the Fed will raise rates. If the data continues to be weaker, we would expect Gold to react quite strongly.”

As the situation in Greece becomes bleaker by the day, some economists believe talks with creditors can only end in a Greek default. With eurozone governments demanding reform and talks between the countries moving at a snail’s pace, High Frequency Economics chief economist Carl B. Weinburg said, “A default event by Greece is inevitable. … The only way this can end is that Greece will run out of cash. Neither side seems prepared to turn.”

At 12:23 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,228.70 Up $0.70
• Silver, $17.73 Up $0.11
• Platinum, $1,178.00 Up $7.90
• Palladium, $794.50 Down $2.50

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.