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Gold and Silver Bought Aggressively - Market Report for 10-13-2014 - ModernCoinMart (MCM)

Gold and Silver Bought Aggressively - Market Report for 10-13-2014 - ModernCoinMart (MCM)
Category: Market Reports
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Posted: 10-13-2014 07:43:00 AM

Precious metals began the week yesterday with a move higher on the electronic trading platform, as gold and silver were both bought aggressively.

Precious metals began the week yesterday with a move higher on the electronic trading platform, as gold and silver were both bought aggressively. The catalyst for this was dovish comments made by Federal Reserve Vice Chairman Stanley Fischer who addressed an IMF / World Bank Conference. The comment that received the greatest attention was this one, “if foreign growth is weaker than anticipated, the consequences for the U.S. economy could lead the Fed to remove accommodation more slowly than otherwise”. The interpretation is that the Fed policy makers are concerned with the sharp economic downturn in Europe and they are not anxious to see the USD rally further.

A delay in interest rate hikes and at a slower pace than previously anticipated should be bullish for gold. All four precious metals recorded sold gains last week but as last night showed again the spike higher in prices continue to be short lived as gold and silver are now trading $10.00 and $0.30 respectively below their overnight highs. This morning finds gold and silver in the black while platinum and palladium are below Friday’s settlement on light holiday volume as precious metals look for direction from U.S. equities and crude oil which most commentators who weighed in over the weekend expect to continue falling. In the short term gold support can be expected low $1,220.00's through the mid-teens while resistance appears to be building from the upper $1,230.00's through mid $1,240.00's.
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About The Author

Roy Friedman

This editorial has been prepared by Roy Friedman of Dillon Gage Metals. This document is for information and thought-provoking purposes only and does not purport to predict or forecast actual results. It is not, and should not be regarded as investment advice or as a recommendation regarding any particular security, commodity or course of action. Opinions expressed herein are current opinions as of the date appearing in this editorial only and are subject to change without notice. Reasonable people may disagree about the opinions expressed herein. In the event any of the assumptions used herein do not prove to be true, results are likely to vary substantially. All investments entail risks. There is no guarantee that investment strategies will achieve the desired results under all market conditions and each investor should evaluate its ability to invest for a long term especially during periods of a market downturn. No part of this editorial may be reproduced in any manner, in whole or in part, without the prior written permission of Dillon Gage Metals. This information is provided with the understanding that with respect to the opinions provided herein, that you will make your own independent decision with respect to any course of action in connection herewith and as to whether such course of action is appropriate or proper based on your own judgment, and that you are capable of understanding and assessing the merits of a course of action. You may not rely on the statements contained herein. Dillon Gage Metals shall not have any liability for any damages of any kind whatsoever relating to this editorial. You should consult your advisors with respect to these areas. By posting this editorial, you acknowledge, understand and accept the foregoing.

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