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Mid-Day Gold & Silver Market Report – 4/1/2014

AUTOMOBILE DEMAND MAY DRIVE PLATINUM & PALLADIUM HIGHER

According to Frank Holmes, Chief Investment Officer for U.S. Global, Platinum and Palladium may be the solutions to the pollution problem as these two metals are the two most underreported commodities. He stated that the long-term upside is tremendous, as the automobile industry expands in China and other underdeveloped countries. Both metals can be used in catalytic converters of automobiles to aid in clean air emission. They are also used in other clean air and clean water technologies. Palladium prices have risen since the Ukrainian crisis as Russia controls 40% of the world’s Palladium. There are concerns about the stability of supply that could continue to drive up prices. “Overall, we continue to expect limited releases from Russian state stocks this year and reiterate our expectation for the palladium market to deliver a sizable deficit in 2014," Barclay’s precious-metals analyst Suki Cooper said.

April has been the best performing month for stocks over the past 50 years with an average gain of two percent. Today was off to a fast start, but stocks have pulled back from the record high registered earlier. The rally is fueled by Fed Chairwoman Janet Yellen’s comments made yesterday that signaled a willingness to remain accommodative for the long haul. U.S. manufacturing and construction data were both up however; the market remains focused on Friday’s upcoming jobs report.

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

  • Gold, $1,282.10, Down $3.20.
  • Silver, $19.78, Down $0.01.
  • Platinum, $1,429.00, Up $8.20.
  • Palladium, $781.50, Up $4.40.
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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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