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Closing Gold & Silver Market Report – 4/24/2014

GOLD CLIMBS AS GEOPOLITICAL WOES PUSH INVESTORS TO SAFE-HAVEN 

Following a morning of wavering prices, Gold is set to end the day in positive territory as Russian military maneuvers near the Ukrainian border helped reverse downward morning momentum.  Safe-haven appeal has been one catalyst crucial to a higher Gold price as the yellow metal is up roughly seven percent year-to-date.  Along with geopolitical concerns, a weaker U.S. dollar and fear of a sweeping stock market correction have boosted the demand for Gold.  "We still view gold as one of the best alternatives, if the base case of U.S. economic growth and continued equity price appreciation stumbles," Mike McGlone, director of research at ETF Securities, said. "And so far, that is what has happened."  McGlone went on to add that the psychological impact of a new year following the drastic decline in Precious Metals prices during 2013 has also lent a hand in making Gold more attractive. 

U.S. stocks ended slightly higher today as the S&P 500 inches toward another record level.  The benchmark index achieved a record high on April 2 when it reached 1,890.9.  Corporate earnings were the motivator of higher equities today and investors will continue to eye economic indicators for insight into the near-term future of stock prices.  “There’s no question earnings numbers were good, but there was some anticipation of it to a certain degree,” John Manley, chief equity strategist for Wells Fargo Funds Management, said.  “I still tend to think, at the end of the day, that we’re going to see earnings be the more important thing that drives the market.”

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

  • Gold, $1,295.70, Up $9.10.
  • Silver, $19.70, Up $0.21.
  • Platinum, $1,413.30, Up $9.40.
  • Palladium, $801.50, Up $14.40.
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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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