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Morning Gold & Silver Market Report –6/24/2014

METALS BEGIN CLIMB AHEAD OF DATA

Precious Metals are showing signs of strength and are moving up during early morning trading.  As investors continue to watch the developing geopolitical situation in Iraq and await upcoming housing data and consumer confidence reports, some feel a lack of volatility is keeping the metals from taking off.  Heinz-Gerd Sonnenschein, a strategist at Deutsche Postbank AG in Bonn, Germany, said, “With the market close to all-time highs, it’s getting harder and harder to move higher, and investors will want to lock in some profits now. It makes sense to take a breather with high valuations, tension in Iraq, and people still waiting to see whether economic growth and U.S. companies have recovered from a weak first quarter. There may be a bit more nervousness, but markets have been quite stable and volatility remains very low.”

European stocks began to fall Tuesday as a recent survey showed a lack of business morale. Francois Savary, chief investment officer at Swiss bank Reyl, said, “You are seeing economic statistics in Europe that are disappointing. There is nothing major, but it is time for a period of some consolidation on the markets.”

At 9:05 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,323.20, Up $2.80.
  • Silver, $21.02, Up $0.05.
  • Platinum, $1,473.10, Up $14.50.
  • Palladium, $829.00, Up $6.40.

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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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