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Market Reports

Mid-Day Gold & Silver Market – 5/28/2014

GOLD HITS LOW AS STOCKS BREAK RECORD

The Gold price hit a 3-1/2 month low in morning trading, adding to losses from Tuesday’s trade. Strong U.S. data paved the way for record highs in U.S. and German stocks Tuesday, and the losses built as support levels fell. Commerzbank analyst Daniel Briesemann said, “It looks as though the bears are in the driving seat. Equity markets are soaring again, so market players may think they can earn more money with stocks than Gold.”

U.S. stocks gave up ground after Tuesday’s record trade while U.S. Treasury yields fell to nearly one-year lows. Nick Raich, CEO of Earnings Scout said, “We've had a bunch of up days, and May has been a good month, but the market could be getting spooked by falling yields. Market bears will say the bond market is smarter than the stock market, and a lot of people thought 2.5 percent was the line in the sand for the bottom falling out of the economy.”

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,261.2, Down $6.50.
  • Silver, $19.14, Up $0.01.
  • Platinum, $1,463.20, Down $.10.
  • Palladium, $840.40, Up $8.90.

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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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