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Closing Gold & Silver Market Report – 3/12/2014

GOLD SHINES AS SAFE HAVEN ASSET; PLATINUM RISES FROM ONGOING STRIKE

Gold soared to a 19-week high today as investors flocked to the yellow metal’s safe haven appeal on the realization that China is capable of strong growth. Overall, Gold has climbed 13 percent from last year’s decline with China now the world’s largest Gold consumer. “Gold is getting support from geopolitical events and falling equity markets, but there’s little follow-through from physical buyers at these levels,” Cinda Futures Co. analyst Lv Jie said. “Investors continue to watch U.S. economic data for direction.”  Unrest continues in Ukraine and Russia as their political conflict has worsened over the past several weeks, which has ultimately supported the Gold price. 

The Platinum price increased today, caused by a seven-week strike at the world’s three largest Platinum manufacturers, all based in South Africa. On March 5, a spokesman for Johannesburg-based Impala Platinum Holdings Ltd confirmed they, along with Anglo American Platinum Ltd and Lonmin Plc, were still in talks with the Association of Mineworkers and Construction Union over wage demands with no agreement. Over the past few years, it has been common for miners to go on strike due to low wages. A website for the three South African Platinum producers shows the current strike has caused an loss of more than 8 billion rand in earnings and a loss of 3.6 billion rand in worker’s wages.

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,369.00, Up $20.30.
  • Silver, $21.34, Up $0.50.
  • Platinum, $1,479.00, Up $12.40.
  • Palladium, $776.00, Up $5.50.

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Disclaimer:
APMEX’s ‘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, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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