Daily Gold & Silver Market Report – 4/4/2016

Paul Stevens

4/4/2016 1:28:00 PM

METALS LOOKING FOR DIRECTION AS FED MINUTES LOOM

Precious Metals are off to a slow start, trading lower since markets opened Monday morning.  U.S. economic data released Monday showing better-than-expected labor market numbers provided small pressure on metals and sparked investor appetite for riskier assets.  With global markets continuing to struggle, some strategists pointed at Wednesday’s Federal Reserve minutes release for direction.  ETF Securities' strategist Edith Southammakosane said, “The Fed is still concerned about the global economic growth and the pace of interest rates increases will be gradual. The [Federal Open Market Committee] minutes this Wednesday could provide a better idea of when the Fed plans the next rate hike.”

U.S. markets are struggling to gain footing after a major move up to start the year.  A big part of the recent decline has been that manufacturing and energy markets have struggled around the world. Although numbers released Monday suggest a continued decline in the manufacturing sector, some economists are hopeful things will get better.  Daniel Silver, an economist at JPMorgan in New York, said, “We remain hopeful for some upcoming improvement in the data as many of these headwinds have either passed or faded. We have also been encouraged somewhat by some other more timely manufacturing indicators that have turned more mixed lately following a period of more widespread and severe weakness.”

At 2:27 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,220.20 Down $4.30
• Silver, $15.01 Down $0.10
• Platinum, $942.50 Down $12.70
• Palladium, $553.80 Down $8.20

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.