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Closing Gold & Silver Market Report – 6/23/2014

GOLD RETAINS GAINS AS INVESTORS EYE IRAQI CONFLICT

The Gold price was able to hold onto gains realized last week as net long positions on futures contracts increased to their highest level since March.  The U.S. dollar has been experiencing downward pressure due to dovish comments from the Federal Reserve which have caused the greenback to realize its longest losing streak in seven weeks.  Geopolitical tension has been the element most essential to higher Precious Metals prices this year.  Turmoil in Ukraine has given way to a focus on anti-government insurgents in Iraq cutting a violent course to Baghdad in an effort to overthrow the existing regime.  With eyes fixed on Iraq and assertions of slowing long-term growth in the U.S., hedge funds and other money managers increased bullish positions on Gold by 30 percent last week.  A weakening dollar could be further grounds for the increase of Precious Metals holdings in the coming weeks and months. 

U.S. stocks are down for the first time in seven sessions as a prolonged rally gave way to profit-taking amid concerns about developments in Iraq.  “You’re sitting up at all-time highs and you do have a geopolitical situation remaining out there that’s weighing on the market,” Bill Stone, chief investment strategist at PNC Wealth Management, said.  “We got on balance in the U.S. with some good economic numbers. It continues to tell the story of a snap back in second quarter GDP.”

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

  • Gold, $1,320.40, Up $1.80.
  • Silver, $20.96, Down $0.05.
  • Platinum, $1,460.00, Up $0.70.
  • Palladium, $823.00, Up $0.80.

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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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