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Morning Gold & Silver Market Report – 6/26/2014

GOLD, SILVER RETREAT FROM RECENT HIGHS

Gold and Silver prices are down this morning as traders are moving more money into the equity markets. Today would be the first time Gold declined in seven days. Consolidation for Gold and Silver prices is not unexpected after the metals recently reached two-month highs. Yesterday the U.S. dollar fell to a five-week low after the first-quarter GDP report showed the U.S. economy shrank more than expected. However, the Federal Reserve is staying with their view that the economy is improving.

The U.S. stock market is not showing much movement this morning. The jobless claims report came in as expected and consumer spending increased less than expected, but neither report is creating any waves in the marketplace. "Jobless claims couldn't be any closer to spot on, personal income is exactly on consensus," Wunderlich Securities chief market strategist Art Hogan said. "So we've got an economic-data calendar that has not given us a catalyst one way or the other, and stock futures are reflecting that." BK Asset Management managing director of FX strategy Kathy Lien said, "Between the rise in service and manufacturing activity, GDP growth is set for a strong rebound in the second quarter. Unfortunately the Federal Reserve will want to see how the economy performs in third quarter before getting excited about the recovery. So at the end of the day, the latest economic reports simply validate the central bank's steady and conservative monetary policy stance."

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

  • Gold, $1,318.90, Down $5.70.
  • Silver, $21.09, Down $0.09.
  • Platinum, $1,470.10, Down $5.20.
  • Palladium, $835.10, 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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