Daily Gold & Silver Market Report – 12/21/2015
Paul Stevens
12/21/2015 11:21:00 AM
METALS UP AS INVESTORS DIGEST INTEREST RATE HIKE
After losing some ground following last week’s move by the Federal Reserve to increase interest rates for the first time in nearly a decade, Precious Metal prices are on the rise during Monday morning trading. Although the announcement was seen as a positive for the greenback, uncertainty on the pace of future increases has weighed on the dollar and supported metals. Investors continue to watch the Fed for direction in 2016, with ANZ, the Australia and New Zealand Banking Group, saying to clients, “We believe the pace of U.S. rate hikes will decide the fate of Gold.”
Markets around the world continue to struggle and brent crude oil slid to its lowest level in more than 11 years Monday morning. The news, along with continued sluggish global economic growth, has many economists questioning the timing of the Fed’s interest rate hike and its effect on markets going into 2016. Mizuho Securities Chief U.S. Economist Steven Ricchiuto said, “What Janet Yellen told everyone the other day was that 'this is as good as it's going to get.' That's a problem because 'as good as it's going to get' has left us with an overvalued market.”
At 12:23 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,082.80 Up $14.70
- Silver, $14.39 Up $0.20
- Platinum, $880.90 Up $19.10
- Palladium, $555.50 Down $4.50
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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
