Daily Gold & Silver Market Report – 9/23/2015

Brandi Brundidge

9/23/2015 9:47:00 AM

LOWER U.S. STOCKS, DOLLAR SUPPORT GOLD; FED PLANS IN QUESTION

Gold is slightly up Wednesday following a two-day loss of 1.3 percent. Analysts expect Gold to gain safe-haven support as U.S. stocks and the U.S. dollar both fell this week. “With other markets looking more stressed, Gold may well start to shine again,” Fastmarkets head of research William Adams said in a note Wednesday. Platinum hit a 6 1/2 year low Wednesday on growing demand for the metal in the auto sector. Recent news of Volkswagen AG’s falsification of U.S. vehicle emission tests could reduce the demand for diesel cars in the future. “I would say at this point that the growth story, if there was a growth story for diesel cars in the US, is dead for now, which is something that takes away some potential upside for Platinum demand,” Julius Baer analyst Carsten Menke said.

On Tuesday, Euro Pacific Capital CEO Peter Schiff shared with CNBC’s “Futures Now” his thoughts on the Federal Reserve’s recent decision to not increase interest rates. “The whole world has been fooled by this Fed con.  Most people believe the Fed. They believe the Fed is going to raise rates.  I'm not the only one who has it right, but most people have it wrong. This economy is rapidly decelerating and the Fed just doesn't want to acknowledge that its monetary medicine didn't work and the patient is now sicker than ever. So the Fed just wants to maintain the pretense that they are going to raise rates but in the end they don't actually want to do it,” he added. “[Federal Reserve Chair Janet Yellen] is going to pretend they can raise rates and pretend it's right around the corner but will keep coming up with one excuse after another to why they aren't doing it.” Schiff also believes the U.S. dollar is currently in a bubble, which could cause a currency crisis once foreign exchange markets realize the Fed’s plan to never hike interest rates. 

At 10:46 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,134.70 Up $6.70
• Silver, $14.96 Up $0.11
• Platinum, $934.40 Down $4.10
• Palladium, $647.70 Up $34.80

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