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Mid-Day Gold & Silver Market Report – 5/9/2014

UKRAINIAN REFERENDUM KEEPS MARKETS IN HOLDING PATTERN

Ukrainian separatists have ignored Russia’s appeal to postpone Sunday’s referendum and allow time for discussions between opposing parties. Precious Metal and stock prices are in a holding pattern because the results of this referendum could have consequences. If markets feel the vote does not go well and war becomes more probable, they will react accordingly. If markets feel the vote will ease tensions, there will be a more relaxed reaction.

The European Central Bank (ECB) is once again signaling a possible monetary stimulus next month. The U.S. dollar is up on the rumor against the euro and Japanese yen. ECB President Mario Draghi has strongly indicated that fresh stimulus may be needed to bolster the fragile economic recovery in the eurozone. There are those skeptics who feel Draghi makes these comments specifically to drag the euro down, which would make eurozone goods and services less expensive in the international markets.  John Doyle, currency strategist at Tempus Inc. in Washington, said “Until the ECB actually acts I don't see a sustained rally in the dollar. The market has been calling Draghi's bluff.”

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

  • Gold, $1,289.70, No Change $0.00.
  • Silver, $19.18, Down $0.01.
  • Platinum, $1,429.90, Down $8.20.
  • Palladium, $800.60, Down $04.40.

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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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