Mid-Day Gold & Silver Market Report – 5/22/2014
Peter LaTona
5/22/2014 12:02:00 PM
GOLD & SILVER STAY POSITIVE ON WEAK JOBS REPORT
Gold and Silver prices found support yesterday when the minutes were released of last month’s Federal Open Market Committee meeting. The Federal Reserve has no intention of raising interest rates any time soon. Prices also find continuing support from the uncertainty in the Ukraine. Today, Gold and Silver prices spiked upward on a disappointing jobs report. Gold fund outflows have increased due to the tight trading range we have seen this year and this has checked prices from rising out of the trading range.
The Russian Central Bank has just released data showing that their April Gold purchase was their largest since 2010. Russia is selling U.S. Treasuries to purchasing Gold could be a strong indicator of more to come. Relative to countries in the West, who generally maintain a 50 percent or higher Gold allocation in the foreign reserve funds (the U.S. is at 70 percent), Russia is under 10 percent. Russia has a lot of room left before reaching parity with the West.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,296.90, Up $6.80.
- Silver, $19.56, Up $0.17.
- Platinum, $1,492.40, Up $17.50.
- Palladium, $837.10, Up $5.70.
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APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
