Daily Gold & Silver Market Report – 8/15/2016

Paul Stevens

8/15/2016 11:06:00 AM

PRECIOUS METALS LOOKING FOR DIRECTION AHEAD OF FED MINUTES

Precious Metal prices haven’t gained much ground during Monday morning trading hours as investors return from the weekend.   After seeing a recent surge, prices have been looking for direction as Gold has held around the closely watched resistance point of $1,350.  The most recent FOMC minutes will be released Wednesday and closely watched as investors try to figure out the Fed’s next move. “The Fed has deviated quite a lot from their original path of rate hikes due to sluggish growth around the globe. Investors will be looking very closely at how the Fed’s minutes can help them understand their stance…and if another rate hike could be introduced this year,” said Naeem Aslam, chief market analyst with Think Markets.

Markets around the world are seeing a small boost on Monday with China’s markets being the highlight.  Although the Chinese index reached a seven month high, economic data continues to show the world economy as a whole is struggling, with central banks around the world again considering their best courses of action.  “In general the negative rate environment, particularly in the euro zone and Japan, is going to keep Gold well bid,” said Jonathan Butler Mitsubishi Corp strategist.

At 12:05 P.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,345.10 Up $4.90
• Silver, $19.93 Up $0.17
• Platinum, $1,115.10 Down $11.20
• Palladium,$690.80 Down $1.10

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.