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Mid-Day Gold & Silver Market Report – 3/28/2014

METALS SHOW SLIGHT TREND UPWARD DESPITE FALLING EURO

Gold has been trading slightly lower throughout the morning, while Silver has maintained small gains. This relative price stability is unusual in an environment of a falling euro and a strengthening U.S. dollar. The European Central Bank (ECB) is keeping a close watch on deflationary pressures especially coming out of Spain. Earlier this week, ECB Governing Council member Jens Weidmann – governor of Germany's Bundesbank - told newswire MNI that an asset-purchase, or quantitative-easing (QE), program had not been ruled out. The comments were particularly striking given firstly, his reputation as one of the ECB's hawks, and secondly, the timing – with the next ECB monetary policy meeting due next week.

After two days of losses, the equity markets have rallied partly due to the possibility of quantitative-easing in Europe and partly due to February’s increase in consumer spending. Consumer spending rose 0.3% in February and January was revised upward to 0.2%. China is also factoring in on the markets as Chinese leaders may also be poised to implement (QE) measures. “China has significantly over-billed and created a significant amount of bad debt,” Richard Vague, managing partner of Gabriel Investments, said. “They’ve grown private debt 56% in five years and their private debt levels are 180% or perhaps more.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,294.70, Down $2.00
  • Silver, $19.83, Up, $0.09
  • Platinum, $1,407.00, Up $7.80
  • Palladium, $ 773.60, Up $13.20

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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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