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Closing Gold & Silver Market Report – 4/15/2014

GOLD HAS WORST DAY SINCE DECEMBER; STOCKS SEE RECOVERY

The Gold price dipped sharply early in the day and although it stabilized in the afternoon, it was still the sharpest decline since December 2013. Much of the decline was triggered by technical selling after Gold broke its 200-day moving average. Silver, Platinum and Palladium sold off as well. “Gold was hit by profit-taking as the rally to $1,330 on Fed minutes appeared overdone. The break below 200-day moving average and $1,300 level also triggered tons of sell-stops," Newedge Precious Metals trader Thomas Capalbo said.

Stocks executed a reversal of fortune today as the Dow bounces off a triple digit decline and the Nasdaq makes its biggest turnaround in five years.  Investors shook off morning concerns about housing data and the conflict in the Ukraine to rally around positive earnings reports from Coca-Cola and Johnson & Johnson. The tensions in Ukraine are “one more source of the tug of war between those who think the market should go up and those who can't find a reason to send it higher. Russia is a simmering pot that has the potential to boil over and at least dampen investor complacency," Bruce McCain, chief investment strategist at Key Private Bank, said.

At 5:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,304.70, Down $24.80.
  • Silver, $19.62, Down $0.45.
  • Platinum, $1,441.10, Down $26.30.
  • Palladium, $796.00, Down $16.60.

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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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