Our Daily
Market Reports

Morning Gold & Silver Market Report – 4/29/2014

PRECIOUS METALS ON THE MOVE WITH NEW RUSSIAN SANCTIONS

Precious Metal prices are trading slightly lower during early morning trading as investors continue to eye world news.  Although traders are currently shying away from equities, many believe continued rising tensions with Russia and additional sanctions will provide a boost to Gold’s price.  Stan Shamu of IG Markets wrote, “With further sanctions for Russia looking certain, traders are likely to continue seeking safety in gold in the near term.  If gold continues to rally, April highs at $1,331 will be the key level to look out for this week.” 

Tuesday’s release of U.S. consumer confidence report will be closely watched as investors continue to await directions from the Federal Reserve.   As the Fed continues with its plan to taper quantitative easing policies, one economist in particular has expressed concern.  When speaking about the effect of the Federal Reserve eliminating the asset purchasing program, economist Michael Pento said it will cause, “collapse in asset prices and a severe recession.”  He then went on to say, “I anticipate the reduction of the wealth effect to intensify as the taper progresses. Since the economic "recovery" was predicated on the rebuilding of asset bubbles, a long delayed and brutal recession will start to unfold later this year.”

At 9:12 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,298.50, Down $2.50.
  • Silver, $19.51, Down $0.15.
  • Platinum, $1,426.90, Up $7.60.
  • Palladium, $802.50, Up $0.80.

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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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