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Mid-Day Gold & Silver Market Report – 6/24/2014

OPTIMISM GROWS IN ASIAN AND INDIAN GOLD MARKETS

India and China together purchase over 50 percent of the world’s Gold each year, so when all Asian markets are included, it is clear that the East drives worldwide Gold demand. In 2013, Gold and Silver demand was up in Asia, but down in India due to trade restrictions on the import of Gold. Chinese demand is still strong this year, although not as strong as 2013, but Indian demand is expected to rise. There are expectations that Gold trade restrictions in India will be lifted. “I think over the longer term central banks around the world are fighting to ignite inflation. It is just a matter of when this point is coming. This means real interest rates will remain low for an extended period of time, which will help support gold. Over the longer term I think the inflationary environment will help support the gold price.” Dmitry Kalachev, analyst at Canaccord Genuity, said. David Jollie of Mitsui Precious Metals says that Silver should not be overlooked. “Silver in price terms often follows gold, and is described typically as a high beta version of gold. What we have generally seen in the past two years is price weakness in dollar terms in gold and we have seen that echoed in silver. On the demand side for silver, it does not look too bad. Industrial growth is generally supportive of silver demand,” Jollie said.

Gold and Silver prices are holding steady, while Platinum and Palladium are shooting upwards. Stocks are reacting favorably to this morning’s upbeat housing and consumer confidence reports. "Two pieces of additional good news on the economic data calendar today: new home sales significantly better than expectations and consumer confidence also exceeds estimates and I think points to the expected pickup in second quarter activity versus first quarter," Art Hogan, chief market strategist at Wunderlich Securities, said. "So, as we look at new home sales increasing and consumer confidence increasing in the month of May, we're looking at a marketplace and an environment that should be supportive of current valuations, and might be the catalyst to move us higher," Hogan added.

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

  • Gold, $1,322.10, Up $1.70.
  • Silver, $21.09, Up $0.11.
  • Platinum, $1,474.30, Up $15.70.
  • Palladium, $830.30, Up $7.60.

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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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