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Mid-Day Gold & Silver Market Report – 4/28/2014

PRECIOUS METALS PRICES PULL BACK AS EQUITIES RISE

Gold prices pulled back and are once again under $1,300 per ounce. Gold’s drop is “due to an orchestra of events,” Adam Koos, president and portfolio manager at Libertas Wealth Management Group, said. The first event being that the positive merger and acquisition news added confidence to the equity markets. As fear moves away from the market more money moves to stocks. The second being the announcement of new U.S. sanctions against Russia and the expectation that this could cool tensions in Ukraine. A third is the shutdown of merger talks between Newmont Mining and Barrick Gold, which was viewed as a potential positive for Gold prices.

Stocks were off to the races in early morning trading climbing into triple digit territory. Stock prices have since retreated sharply, but remain up for the day. According to Mohamed El-Erian, former CEO of Pimco, the bond market has figured out what the stock market has not and this could lead to a rude awakening for stocks. The Federal Reserve, while committed to supporting asset prices, is now also “targeting different things”.  “We are in a transition [at the Fed] from a regime that was tool-based to a regime that is objective-based," he said. "We were told exactly what they were going to do. Now what we're going to do … is conditional on outcomes. That increases uncertainty."

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

  • Gold, $1,298.0, Down $4.80.
  • Silver, $19.63, Down $0.13.
  • Platinum, $1,419.60, Down $4.70.
  • Palladium, $801.70, Down $10.50.

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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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