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Morning Gold & Silver Market Report – 6/3/2014

METALS FLAT AHEAD OF JOBS, EUROPEAN DATA

Precious Metal prices are trading relatively flat through early morning trading.  Many investors are eyeing Friday’s job reports for direction, but they will also pay close attention to the results of the European Central Bank’s policy meeting Thursday.  When asked his opinion on why he sees weakness for Gold’s future, an analyst at INTL FCStone, a financial services firm that specializes in commodity trading, said, “We base this view on the notion that this year’s ‘Black Swan’ event — the Ukrainian crisis — while still potentially dangerous, is turning less ‘Black.’”

U.S. stocks are declining this morning as traders have little reason to buy with indexes pulling  back from record highs.  As investors still try to weigh the strength of the U.S. economic recovery, one fund manager believes things are headed in the right direction.  Deutsche Asset & Wealth Management fund manager Ivo Weinoehrl said, “The market bounces back and forth, but fundamentally nothing much has changed. The economy is definitely improving after a disappointing first quarter, and we’re still expecting earnings growth of 7 to 8 percent. We’re in a stable environment, but it’s nothing to get excited about and I don’t see the real pick-up coming through just yet.”

At 9:20 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,245.80, Down $0.20.
  • Silver, $18.86, Up $0.06.
  • Platinum, $1,433.30, Down $4.40.
  • Palladium, $834.50, Up $1.90.

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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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