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Morning Gold & Silver Market Report – 4/8/2014

UKRAINE TENSIONS PUSH GOLD HIGHER

The Gold price is on the rise in early morning trading due to geopolitical tensions in Ukraine, which have escalated. Some Ukrainian separatists have taken up arms, and Russia’s foreign ministry said in a statement, “We call for the immediate cessation of any military preparations, which are fraught with the risk of unleashing civil war.” The Gold price has begun tracking geopolitical tensions again, according to Naeem Aslam, chief market analyst at Avatrade.

Although Aslam believes that the $1,400 per ounce mark would need to be broken before a bull market can be declared for Gold, one bullish sign has surfaced. The 50-day moving average of the Gold price has recently crossed the 200-day moving average. Michael Hewson, chief market analyst at CMC Markets said, “I don't believe we have a bull market on our hands but neither do I believe the doom mongers who think that we're heading down to levels around $1,000 an ounce. Over the last ten years when the 50-day (moving average) has crossed above the 200-day (moving average), there have been only two occasions where we've not seen the gold price not push higher, and that was in 2012. This crossover has happened six times since 2004, and the seventh occurrence happened a few days ago.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,313.10, Up $13.30.
  • Silver, $20.14, Up $0.18.
  • Platinum, $1,438.00, Up $10.20.
  • Palladium, $775.60, Up $7.00.
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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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