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Mid-Day Gold & Silver Market Report – 5/7/2014

GOLD FALLING TOWARDS $1290 ON PUTIN COMMENTS

Russian President Vladimir Putin is asking Eastern Ukraine separatists to allow time for talks before acting on a proposed referendum, saying discussion between Kiev and Southeastern Ukraine is key to ending the crisis. “We're always being told that our forces on the Ukrainian border are a concern. We have withdrawn them. Today they are not on the Ukrainian border, they are in places where they conduct their regular tasks on training grounds," Putin said. He also indicated he would be willing to meet with the head of the Organization for Security and Co-operation in Europe to find a resolution to this conflict. The Russian stock market immediately climbed six percent following Putin’s statements, while the Dow Jones Industrial Average shot up more than 100 points. Gold and Silver prices dropped on the news.

Federal Reserve Chair Janet Yellen, speaking to the Joint Economic Committee, said the economy is “on track for solid growth this quarter,”  attributing recent economic weakness to temporary conditions, such as an unusually cold winter. “As long as we continue to see improvement in the labor market and we believe the outlook is for continued progress, and as long as we continue to believe and see evidence that inflation will move back up over time to our two percent longer-run objective, we anticipate continuing to reduce the pace of our asset purchases in measured steps,'' Yellen told lawmakers. Yellen’s only caveat was the housing market, which has shown disappointing growth in 2014 and bears watching. It appears the Fed is signaling that bond purchases will continue to taper, but interest rates will be kept low for a long time to come.

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

  • Gold, $1,291.00, Down $19.60.
  • Silver, $19.39, Down $0.31.
  • Platinum, $1,435.60, Down $22.50.
  • Palladium, $797.10, Down $22.30.

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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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