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

PRECIOIUS METALS COME DOWN OFF MORNING HIGHS

This week looks similar to last week in that stronger U.S. economic data is being offset by weaker data out of China and increasing concerns coming out of Ukraine. Precious Metals are still in the positive, but off morning highs. The U.S. stock market was down over 100 points before bouncing all the way back into positive territory. The U.S. service sector brought stocks back to life with the strongest numbers in eight months. "Today's figure is further evidence of a spring rebound. Looking specifically at New Orders, it touched 58.1 in September, fell to 50.4 in December and is back to 58.2. Thus, this begs the question of whether we're just back to the prior trend or on the cusp of 3 percent-plus GDP growth in the 2nd half of 2014," noted Peter Boockvar, chief market analyst at the Lindsey Group.

The World Gold Council pointed out that is 2013 we saw a shift of Gold moving from West to East. As ETFs were sellers of Gold in 2013, the 400 ounce Gold bars they own were sold to refineries, who intern produced smaller Gold bars for sale. Physical demand for Gold was up in 2013, but the East had the largest appetite. Dubai is already a top center for Gold trading. The Kaloti Precious Metals wants to capitalize on this shift from West to East and build a refinery that will compete with Switzerland. Currently Switzerland refines about 50 percent of the world’s Gold. Munir al-Kaloti, President and Founder of Kaloti, intend to take advantage of this West to East trend. "This isn't just about Dubai. It's about a trend that is bigger," Kaloti said.

At 1:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,311.40, Up $6.50.
  • Silver, $19.63, Up $0.04.
  • Platinum, $1,448.70, Up $8.00.
  • Palladium, $817.10, Up $3.70.
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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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