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

GEOPOLITICAL TURMOIL BOOSTS SAFE-HAVEN DEMAND FOR GOLD

Gold futures have rebounded today to breach $1,300 an ounce as geopolitical turmoil pushed investors towards the traditional safe-haven of Gold.  The yellow metal is trading at its highest level in two weeks as fear of a potential civil war in Ukraine has weighed on the U.S. dollar and boosted the demand for Precious Metals.  “Gold could still be a good buy at this level, with $1,280 offering support,” Casey Clark, senior trading advisor at Altavest, said. “From the recent high near $1,400 to the low last week of $1,277, a 50% retracement of that bear move targets $1,335.”

U.S. equities reversed their three-day skid today as technology stocks that were central in dragging down key indexes at the end of last week were instrumental in helping boost gains.  “Biotech and tech companies were trading at lofty valuations and they finally succumbed to the gravitational pull,” Mark Luschini, chief investment strategist at Janney Montgomery Scott LLC, said. “A lot of these growth stocks had been taken down 10 to 20 percent, but usually that loss finds a bottom.”  As benchmark equities indexes search for new all-time highs, geopolitical unrest along with the fear of impending market correction could move investors out of stocks and into the perceived asylum of assets like Gold and Silver. 

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

  • Gold, $1,310.60, Up $10.30.
  • Silver, $20.12, Up $0.17.
  • Platinum, $1,440.20, Up $12.40.
  • Palladium, $776.50, Up $7.90.

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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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