Daily Gold & Silver Market Report – 10/14/2015
Brandi Brundidge
10/14/2015 12:15:00 PM
GOLD BOUNCES OFF WEAK DOLLAR; RACE TO INCREASE DEBT CEILING BEGINS SOON
Gold is benefiting from the Federal Reserve’s decision to back down from increasing interest rates, rallying 9 percent since July. “I think the Fed could be on hold and the Gold market could benefit from that substantially,” TradingAnalysis.com founder Todd Gordon said Tuesday on CNBC's "Trading Nation." Gordon suggests a weaker U.S. dollar would provide Gold the nudge it needs. “It looks like the dollar is heading back toward its September low. All we need is confirmation from the dollar that it wants to break down and I think Gold could get a push to the upside,” Gordon said.
The market’s focus could change in the coming weeks with the U.S. Treasury approaching a critical deadline of November 10 to reach an agreement to raise the debt ceiling. Analysts at Goldman Sachs have noticed the difficulty House Republicans have had nominating a new speaker, saying, “Negotiations to lift the debt ceiling may be contentious and may not be resolved until the last moment.” Renaissance Macro head of U.S. Economics Neil Dutta believes the Fed has replaced Congress as the main source of policy uncertainty in the nation’s capital. “They either go in December or change their strategy completely—two diametrically opposed outcomes. Now is the time to be taking steps to protect your portfolio against higher volatility,” Dutta wrote.
At 1:16 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,181.60 Up $13.20
- Silver, $16.19 Up $0.20
- Platinum, $995.00 Up $2.40
- Palladium, $701.60 Up $15.30
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
