Daily Gold & Silver Market Report – 7/16/2015

Paul Stevens

7/16/2015 10:49:00 AM

METALS DOWN AS DOLLAR GAINS ON YELLEN COMMENTS

After reaching a four-month low Thursday morning, Gold and other Precious Metals are relatively flat. Comments made Wednesday by Federal Reserve Chairwoman Janet Yellen reemphasized the Federal Reserve will likely raise interest rates this year for the first time in nearly a decade, which pushed the dollar to a six-week high pressured metals. Prices are currently down, but some analysts believe things could turn quickly if China’s stock market continues to struggle. “While Gold remains out of favor among investors, the potential return of Chinese buyers seeking an alternative to equities and real estate remains the key bullish wild card,” Swiss private banking group Julius Baer said in a note.

Stocks around the world are on the rise as fears of Greece leaving the eurozone have died down. Greece’s parliament approved the bailout plan presented by European creditors, helping shares in the region rise to a seven-week high. Although investors are currently cheering about the approval, the next few weeks will be closely watched. HSBC Bank director of equity strategy Robert Parkes said, “The Greek vote has helped the market post early gains. Over the next few weeks, we see the focus shifting to the results season where we expect the news flow to be supportive.”

At 11:49 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,147.20 Down $3.90
• Silver, $15.11 Down $0.06
• Platinum, $1,013.60 Down $9.10
• Palladium, $633.50 Down $11.30

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.