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Mid-Day Gold & Silver Market Report – 6/25/2014

GOLD, SILVER TREADING WATER; US STOCKS UP

Precious Metal prices have turned positive and the U.S. stock market is up despite this morning’s poor GDP report. It appears that equity investors are betting on a second quarter rebound. "The second-quarter numbers have generally been pretty good, and are certainly indicative of growth," Chicago’s Kingsview Asset Management senior vice president Paul Nolte said. Gold and Silver are holding on to recent gains from market fear and uncertainty over tensions in the Middle East and the Ukraine.

Speaking of fear, the “Black Swan Index” is climbing toward a high alert. A Black Swan event is a highly unusual occurrence that cannot be predicted but that has extreme negative consequences in financial markets.  The Chicago Board Options Exchange Volatility Index (VIX), the market’s fear gauge, fell 20 percent in June, meaning a high level of investor complacency. At the same time, the Skew (aka “Black Swan Index”), went up 12 percent, showing there is a dichotomy in the market between complacent investors and those expecting something bad. “It's just up like a hook for the whole month of June," CBOE director of research Catherine Shalen said. "What's happening is that in spite of the fact that everybody says the VIX is low and the market is complacent, the market is not complacent in every way. This is telling us that some investors who trade in options believe that the probability for a sharp, three-standard-deviation move has increased."

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

  • Gold, $1,323.60, Up $0.30.
  • Silver, $21.14, Up $0.04.
  • Platinum, $1,475.20, Up $1.30.
  • Palladium, $833.00, Up $2.60.

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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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