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Morning Gold & Silver Market Report – 5/6/2014

UKRAINE DOMINATES NEWS AS DOLLAR STRUGGLES

Precious Metals are trading mostly flat through early morning trading after yesterday’s gains.  As analysts search for positive U.S. trade data to provide evidence of an improving economy, others continue focusing on the geopolitical tension in Ukraine.  INTL FCStone analyst Edward Meir said, “We have to suspect that the Ukrainian situation will continue to dominate and provide an element of support going into May, despite the current weakness that greeted the latest round of sanctions. We think this crisis is likely going to get worse before it gets better, benefiting such ‘go-to’ markets as Gold, the [U.S.] dollar, the yen and U.S. Treasuries at the expense of the euro and equities.”

As U.S. bond yields struggle to regain footing, the U.S. dollar fell to a 6 ½ month low Tuesday morning.  This naturally provided a boost to the euro.  Gavin Friend, a currency strategist at National Australia Bank in London, said, “It's an anti-dollar trade. It didn't go higher on the data (on Monday), so it's got to go down.”  This pullback in the dollar could be big for metals as historically the euro has a positive correlation with Gold.

At 9:28 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,310.30, Down $1.00.
  • Silver, $19.71, Up $0.09.
  • Platinum, $1,456.40, Up $8.00.
  • Palladium, $817.60, Up $0.10.
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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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