Daily Gold & Silver Market Report – 7/14/2015

Paul Stevens

7/14/2015 9:06:00 AM

METALS LOOK FOR DIRECTION AS RETAIL SALES DISAPPOINT

Gold and Silver prices are looking for direction and haven’t seen much movement during morning trading hours. With Greece striking a bailout deal and much of the fear of them leaving the eurozone fading, many investors are focusing on the potential U.S. interest rate hike and its effect on the market.  Natixis analyst Bernard Dahdah said, “The Greek situation kept Gold prices around $1,160-1,170 [per ounce], but once an agreement was announced, the price dropped. Once you've sorted out the things that give potential upside for Gold, the next thing to look at would be the possibility of a rate hike.”

U.S. stocks and treasuries continued declining Tuesday, although the Federal Reserve maintains its position on the possibility of an interest rate increase for the first time in nearly a decade. Recent data showing an unexpected fall in June’s retail sales may change the timing of a rate increase as declining numbers could signal concerns of a slowing economy. BTIG chief strategist Dan Greenhaus said in a statement, “The consumer isn't very strong and by extension, neither is the U.S. economy. Today's report doesn't alter that view in any respect.”

At 10:06 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,160.30 Up $1.50
• Silver, $15.51 Down $0.05
• Platinum, $1,033.20 Down $3.80
• Palladium, $665.50 Up $4.60

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