Our Daily
Market Reports

Mid-Day Gold & Silver Market Report – 5/6/2014

PRECIOUS METALS PRICES ARE FLAT WHILE STOCKS TAKE A HIT

Gold is trading slightly down, while Silver, Platinum and Palladium are trading slightly up.  Stocks pulled back from record highs. "It's hard to be bearish, but it's difficult to be bullish at all-time highs; I'd probably be more inclined to put money on the down side rather than on new highs, at least for the next few weeks," Andrew Wilkinson, chief market analyst at Interactive Brokers, said. The CBOE Volatility Index, a measure of investor uncertainty, rose 2.3 percent. Also factoring in was a report that the U.S. economy shrank in the first quarter of 2014, which is the first time in three years.

If China’s long term Gold is the internationalization of the renminbi, it will require an increase of their Gold reserves. The Chinese government has not reported its Gold holding since 2009, but at that time they were the sixth largest holder of Gold. Although they were the sixth largest holder of Gold, it still represented less than 3 percent of their foreign reserve currency. In the West most countries own 50 percent or more with the U.S. at 70 percent. Of the nearly $4 trillion that China holds in its foreign exchange reserves, over $1 trillion (more than 25 percent) is in the U.S. dollar. One percent of $4 trillion is $40 billion dollars. For the Chinese to have just 10% of their foreign exchange reserves in Gold, it would require a purchase of $280 billion dollars’ worth of Gold.

At 1:50 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,310.40, Down $0.90.
  • Silver, $19.69, Up $0.07.
  • Platinum, $1,455.70, Up $7.30.
  • Palladium, $819.20, Up $1.70.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM
Monday-Friday
6:00AM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

AURIC