Daily Gold & Silver Market Report – 11/10/2015

Paul Stevens

11/10/2015 8:40:00 AM

METALS CONTINUE DECLINE ON FED SPECULATION

Precious Metal prices are on the decline Tuesday morning as the U.S. dollar approaches a seven-month high. Speculation that the U.S. Federal Reserve will finally begin raising interest rates in December for the first time in nearly a decade has bolstered demand for the dollar while adding pressure to metals.  Although the hike is expected to provide temporary pressure on metals, some analysts are still positive about Gold’s direction.  INTL FCStone analyst Edward Meir said, “After a potential rate hike in December, the U.S. central bank may take its time in raising rates further, which should be broadly supportive for Gold.”

Stocks around the globe continue losing ground as concerns over a worldwide economic slowdown are being realized. As European and Chinese markets continue to struggle, U.S. investors are bracing for the potential blowback a U.S. interest rate hike will have on the world economy.  Although we have seen recent signs of strength, not everyone is confident with the market’s current position.  Andre Bakhos, managing director at Janlyn Capital in Bernardsville, New Jersey, said, “ Being that the market is not on firm footing, this market is susceptible to profit taking and a consolidation period after this quite impressive rally off of the lows in late September.”

At 9:40 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,089.20 Down $2.40
• Silver, $14.40 Down $0.11
• Platinum, $903.60 Down $10.80
• Palladium, $599.80 Up $1.90

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