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Closing Gold & Silver Market Report – 5/8/2014

GOLD HOLDS AS INVESTORS EYE UKRAINE, ECB

The Gold price remains flat as geopolitical tensions helped buoy the yellow metal despite mild gains of Dow Jones equity shares. “Safe-haven buying has dominated jittery Gold trading since early April amid a lack of other drivers,” VTB Capital analyst Andrey Kryuchenkov said.  The crisis in Ukraine has been the central driver of Gold as tension has escalated to full scale violence between pro-Russian separatists and Ukrainian loyalists.  Gold is up more than seven percent this year even as the Federal Reserve has already cut monthly stimulus measures nearly in half. The slow-down in quantitative easing measures bodes well for the U.S. dollar but has not been enough to drive Precious Metals much lower following last year’s drop.

U.S. stocks mostly fell Thursday as a third straight session of sell offs among technology shares halted an earlier rally.  Many investors were focused on an announcement from European Central Bank (ECB) President Mario Draghi as officials discuss economic stimulus measures and the prospect of interest rates falling into negative numbers. “It seems the market is making a big bet that the ECB is going to start a [quantitative easing] program pretty soon,” Matt Maley, equity strategist with Miller Tabak & Co., said.  U.S. investors will remain aware of developments in Europe to see how measures taken by the ECB will affect American markets in coming months. 

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

  • Gold, $1,291.10, Up $0.20.
  • Silver, $19.23, Down $0.17.
  • Platinum, $1,438.20, Up $3.40.
  • Palladium, $805.20, Up $7.50.

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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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