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Morning Gold & Silver Market Report – 5/5/2014

UKRAINE, DATA DRIVING STOCKS DOWN, GOLD UP

The Gold price hit a three week high in early-morning trading thanks to a soft U.S. dollar and tensions in Ukraine. Saxo Bank’s head of research Ole Hansen said, “Gold is trading near the highest in three weeks as Ukraine once again attracts some safe-haven demand and the dollar continues to trade on the weak side. The weakness following Friday’s strong U.S. jobs report was quickly reversed and the subsequent rally of $30 may have given the bulls back some of the confidence that has been missing for the past few weeks.”

The same factors that drove Gold and Silver prices higher are naturally bringing U.S. stock futures lower. While most in this country look forward to Federal Reserve President Janet Yellen’s testimony to the Joint Economic Committee Wednesday, for now the focus is on disappointing data out of China. Economist Stephen Guilfoyle said, “[T]he Chinese number is a negative, and Ukraine is just not an improving situation. Top that off with the European Commission lowering (European Union) inflation forecasts for this year and next, as well as GDP projections, and you have a potentially nasty batch of ingredients for European equities and U.S. futures markets.”

At 9:10 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,316.20, Up $11.30.
  • Silver, $19.74, Up $0.14.
  • Platinum, $1,451.90, Up $11.20.
  • Palladium, $814.50, Up $1.10.
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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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