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Mid-Day Gold & Silver Market Report - 4

IS TODAY’S GOLD SELLOFF A TECHNICAL BUY SIGN

According to Richard Ross, technical analyst at Auerbach Grayson, today’s selloff represents a buying opportunity according to his technical charts. “There are some signs that make gold very attractive at these levels," Ross said. "I'm not a gold bug per se but I do like a nice chart and I think that's what we can see here with gold. It has a lot of things in its favor." Ross foresees a weaker dollar, low interest rate policies and continued volatility in the stock markets. All of which support higher Gold prices. Gold has moved up, recovering from morning lows.

It is being reported by Bloomberg that Russian troops are on the ground in eastern Ukraine. Tensions in Ukraine, along with disappointing housing and manufacturing data are pushing European and U.S. stocks down. Today’s CPI report came out higher than expected due to rising food and rental housing costs. Although this could be a warning of inflationary pressures it is not expected to influence Fed monetary policy at this time. 

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

  • Gold, $1,306.30, Down $23.40.
  • Silver, $19.60, Down $0.47.
  • Platinum, $1,445.80, Down $21.40.
  • Palladium, $796.50, Down $15.90.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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