Home InfoVault Market Reports Quiet Week Continues For Precious Metals - Market Report For 10-29-2014 - ModernCoinMart (MCM)

Quiet Week Continues for Precious Metals - Market Report for 10-29-2014 - ModernCoinMart (MCM)

Quiet Week Continues for Precious Metals - Market Report for 10-29-2014 - ModernCoinMart (MCM)
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Posted: 10-29-2014 11:08:00 AM

Precious metals continue to trade quietly this week as we await word from the FOMC later today on the fate of QE and look for guidance on the path of interest rates.

Precious metals continue to trade quietly this week as we await word from the FOMC later today on the fate of QE and look for guidance on the path of interest rates. Perhaps equity traders know something the rest of us do not and today’s statement will be dovish as the most recent rally in U.S. equities continued with a flurry yesterday. Crude oil, which has been in the headlines recently, continues to recover from the dip below $80.00 and is trading at $82.50 this morning. A move back above $85.00 would be supportive for gold as it continues to battle with resistance which is building in the mid-$1,230.00s.

U.S. economic data continues to be mixed which made yesterday’s Consumer Confidence Index a big surprise. A reading of 94.50 was much higher than expectations and represented a 7-year high which may give the FOMC just the comfort they need to begin hiking rates sooner than later in 2015. Next week brings us mid-term elections in the U.S. and expectations are growing that the Republican’s will win a majority in the Senate which would give them control of both houses of Congress. This would set the stage for renewed battles with President Obama and the executive branch which could prove to be very bullish for our market.

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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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