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Weekly Gold & Silver Market Recap – 4/11/2014

GOLD HAS LARGEST WEEKLY GAIN IN A MONTH

Gold and Silver prices both crossed key technical areas this week with Gold rising above $1,300 per ounce and Silver above $20 per ounce.  The positive news for Gold and Silver prices was the following:

· Indications that the Federal Reserve would not be hiking interest rates as quickly as first anticipated.

· Continued risk aversion in the equity markets as investors keep a watchful eye on Ukraine. Equity markets around the globe experienced a strong sell-off. U.S. stocks were no exception despite an acceptable jobs report.

· The movement out of equities caused an increased demand for U.S Treasuries. This decreased the value of the U.S. dollar which in turn boosted the Gold price.

· The combination of rising food and trade service prices with a more confident consumer is a recipe for potential inflation.

WORLDWIDE TECH SELL-OFF; GOLD, SILVER DOWN MODESTLY

The stock market began its movement downward Monday, while Gold and Silver prices declined only modestly. Gold dipped below $1,300 per ounce and Silver below $20 per ounce. 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,” Mitsubishi analyst Jonathan Butler said. “Clearly, once Gold got above $1,305 [per ounce] there was potential for some profit taking, which is what we've seen today.”

UKRAINE TENSIONS PUSH GOLD HIGHER

The Gold price rose in early morning trading Tuesday due to escalating geopolitical tensions in Ukraine. 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.”

METALS, EQUITY MARKETS HIGHER AFTER FED MINUTES

The Gold price moved into positive territory Wednesday following the release of the minutes from the March Federal Open Market Committee meeting. “All the [U.S. Federal Reserve] knows right now is they are going to taper unless something massive happens in a negative way. This is a very accommodative Fed; Taper was accommodative plus, plus, now it's accommodative plus. We're not even near the territory of actual tightening,” Zachary Karabell, head of global strategy at Envestnet, said. Silver prices rebounded slightly, but were still down for the day.

GOLD STEADY AS DOW DROPS 267 POINTS, NASDAQ DROPS 3%

Jeffrey Gundlach, chief executive and chief investment officer of DoubleLine Capital, said Thursday that the global economy could see a “deflationary scare” and added that he likes Gold as a diversifier. Speaking at an annual DoubleLine event in New York, Gundlach said, “In Europe, the inflation rate is falling. In the United States the inflation rate is lower than it was in 2011 ... I continue to believe that there is more deflation in the world than most people appreciates.”

GOLD STEADY WHILE STOCKS CONTINUE TO SUFFER

Gold held on to 2 ½ week highs Friday and is heading for its biggest weekly gain in a month. Gold has benefited from risk aversion, as evidenced by the sliding stock market and the indication that the Federal Reserve will not raise interest rates as quickly as previously expected. “Gold is supported by the Fed minutes and lower U.S. Treasury yields, which have dropped over the past few days,” Natixis analyst Bernard Dahdah said. Although there has not been a significant news story to come out of Ukraine recently, the situation will continue to weigh on the markets.

At 5:10 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,320.60, Down $1.90.
  • Silver, $20.03, Down $0.12.
  • Platinum, $1,458.80, Down $1.30.
  • Palladium, $805.50, Up $12.30.

For more APMEX reviews of daily and weekly Precious Metals market activities, visit our News and Commentaries page.

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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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