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Morning Gold & Silver Market Report – 4/23/2014

UKRAINE TENSIONS & WEAKER DOLLAR PUSH GOLD PRICES HIGHER

Gold has risen above a 10-week low this morning, while the U.S. Stock Market is set to open slightly in the red. Gold and Silver prices continue to be pressured by signs of a slowly emerging economic recovery on one side and the potential for the Ukraine conflict to explode and affect the world economy. “Most of the factors in the gold complex are arrayed on the bearish side, except for the Ukrainian situation, which we believe remains singularly capable of turning things around if another major headline catches the shorts off guard,” Edward Meir, an analyst at INTL FCStone Inc., said. It is also noted that interest in Gold has picked up in both ETFs and the physical.

At approximately 8 a.m. ET, Russian Foreign Minister Sergei Lavrov stated on the Russian State TV channel that if Russian interests were attacked it would be taken as Russia had been attacked. Mr. Lavrov also accused the U.S. of running the show as he said, It was "quite telling" that Kiev had re-launched its "anti-terrorist" operation during a visit by U.S. Vice-President Joe Biden. "If we are attacked, we would certainly respond," Mr. Lavrov said. "If our interests, our legitimate interests, the interests of Russians have been attacked directly, like they were in South Ossetia for example, I do not see any other way but to respond in full accordance with international law." Meanwhile, there have been reports of torture and the possible kidnapping of an American journalist as standoffs between pro-Russian militants and Ukraine intensify.

At 9:19 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,286.40, Up $3.30.
  • Silver, $19.51, Up $0.10.
  • Platinum, $1,401.00, Up $0.70.
  • Palladium, $786.00, Up $1.30.

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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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