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Mid-Day Gold & Silver Market Report – 4/7/2014

TECH SELL-OFF SPREADS WORLD WIDE – GOLD & SILVER PRICES DOWN MODESTLY

Relative to the plunging stock market, Gold and Silver prices have declined only modestly this morning. Gold has dipped below $1,300 and Silver below $20. Investors are taking profits gained last week off the table. “In hindsight, the non-farm payrolls were relatively disappointing, given that there was a month-on-month decline," Jonathan Butler, analyst at Mitsubishi, said. "Clearly, once gold got above $1,305 there was potential for some profit taking, which is what we've seen today," he added. "It's going to remain data-driven."

The sharp sell-off in Internet and technology stocks began on Wall Street Friday and has spread throughout the globe. Internet and technology stocks are declining largely on fears of over-valuations. Other asset classes are being hit by new concerns coming out of the Ukraine, as pro-Russian separatists seized an administrative building in the eastern Ukraine city of Donetsk. "Sentiment remains tricky for investors looking purely at valuations of companies, particularly within the tech-focused sectors," Joao Monteiro, analyst at Valutrades, said. "Therefore the upcoming earnings season, which begins in earnest on Tuesday when aluminum maker Alcoa reports, is crucial."

At  1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,298.40, Down $6.60.
  • Silver, $19.90, Down $0.10.
  • Platinum, $1,427.50, Down $23.40.
  • Palladium, $768.80, Down $22.90.

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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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