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Mid-Day Gold & Silver Market Report – 5/1/2014

SILVER HITS CHEAPEST TO GOLD IN 3 ½ YEARS – GOLD TO SILVER RATIO CLIMBS

Both Gold and Silver prices have fallen this morning, although they have both bounced off morning lows. Yesterday, the Federal Reserve put forth an optimistic view of the economy despite a weaker than expected first quarter. Fed optimism suggests the Fed will continue paring down their monetary easing programs, which will relieve downward pressure on long-term interest rates and reduce inflationary fears. Even equity markets are struggling for direction. The Gold to Silver ratio has risen to as high as 67.8 this morning which is the highest 3 1/2 years. Relative to Gold, this makes Silver cheaper than it has been in over three years.

There is no lack of Wall Street pundits calling for a stock market correction of 20 percent or more, but now even the charts are calling for high alert. Richard Ross, global technical strategist at Auerbach Grayson, said, “Certain technical indicators are calling for a serious correction… I'm going to be completely clear here: I'm quite bearish and I think the market's going significantly lower.” Ross points out the charts are at the same place they were in 2011 when a 20 percent correction took place. The weak first quarter GDP report (the slowest quarter since fourth quarter 2012) further supports this view.

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,285.70, Down $12.20.
  • Silver, $19.11, Down $0.11.
  • Platinum, $1,428.20, Up $0.30.
  • Palladium, $815.30, Up $1.80.

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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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