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Closing Gold & Silver Market Report – 5/7/2014

GOLD STILL DOWN ON YELLEN COMMENTS

Precious Metals continued to trade lower through afternoon trading.  Comments made by Federal Reserve Chairwoman Janet Yellen hinting toward a stronger U.S. economy, along with reports of talks aimed at ending the Ukraine-Russia conflict, have provided pressure to the metals.  Tyler Richey, an analyst for the 7:00’s Report, which offers daily market commentary, said, “It is apparent that the Gold market had priced in and expected Chair Yellen to be ‘dovish’ and when she was not, we saw some speculative longs unwind. Going forward, the technical picture for Gold remains largely neutral with $1,300 [per ounce] continuing to be ‘magnetic’.”

With reports that Russian President Vladimir Putin is now willing to discuss a resolution to the Ukraine crisis with regional leaders, European markets closed with mixed numbers.  Art Hogan, chief market strategist at Wunderlich Securities, said, “We had a tone change that is corresponding with news that Putin is willing to discuss his way out of the crisis. If in fact the biggest hang on this market is geopolitical, then there's a glimmer of hope here.”

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,291.70, Down $18.90.
  • Silver, $19.38, Down $0.32.
  • Platinum, $1,434.90, Down $23.20.
  • Palladium, $797.30, Down $22.10.

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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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