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Mid-Day Gold & Silver Market Report – 5/8/2014

GOLD & SILVER PRICES LARGELY UNCHANGED – STOCKS APPROACH TRIPLE DIGITS

Stocks are rising on retail news, while Gold and Silver prices continue to find support on geopolitical concerns.

Yesterday, Russian President Vladimir Putin came out with comments that calmed the markets. President Putin asked Ukrainian separatists to postpone a self-rule vote to allow time for discussions to take place. His conciliatory tone took many in the West by surprise and seemed to indicate a willingness by Russia to take a step to ease tensions. Today it is apparent that separatists have ignored his pleas and will hold a vote this Sunday that could lead to war. Dennis Pushilin, a separatist leader, was grateful to Putin but said the vote had already taken place to hold the Sunday referendum.  "Civil war has already begun," Pushilin said. "The referendum can put a stop to it and start a political process." William Burns, U.S. Deputy Secretary of State expressed concerns that Russia was heading down a “dangerous and irresponsible path”. The situation in the Ukraine remains highly combustible.

Although not gaining the attention of the conflict in Ukraine, tensions in the South China Sea rise as the Vietnamese claim China rammed two of its ships. China has put an oil rig in a section of the ocean that Vietnam claims as its territory. The Foreign Ministry in Hanoi has strongly condemned this action and has requested the oil rigs be removed. The United States has also been critical of China for this move.  The United States is "strongly concerned about dangerous conduct and intimidation by vessels in the disputed area," U.S. State Department spokeswoman Jen Psaki said. “No shots have been fired yet," said a Vietnamese navy official. "Vietnam won't fire unless China fires first." It is likely that China feels that the U.S. is distracted and unwilling to get involved.

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

  • Gold, $1,291.10, Up $0.20.
  • Silver, $19.23, Down $0.16.
  • Platinum, $1,438.10, Up $3.30.
  • Palladium, $805.50, Up $7.80.

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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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