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Morning Gold & Silver Market Report – 6/27/2014

NEW KILOBAR CONTRACT WILL SPARK NEW DEMAND FOR GOLD

According to the World Gold Council, the launch in Singapore of an exchange-traded Gold kilobar contract will spark new Gold demand. The West already enjoys efficient markets for Precious Metals, but this has not been the case in Asia.  This launch is an example of how Asian markets are moving to become more efficient, establish supply chains and allow Gold to be traded in a modern, transparent manner. In 2013, the World Gold Council reported there was a noticeable shift in Gold demand from West to East, and now Singapore has their eyes set on becoming a Gold trading hub. The Singapore government just recently removed their goods and services tax on investable Precious Metals.

Gold and Silver markets are showing little movement today and world equity markets can be described as anemic ahead of the Wall Street opening. U.S. futures to point to equities opening lower. Yesterday, St. Louis Federal Reserve President James Bullard said he expected the Fed to raise interest rates as early as first quarter 2015. This flies in the face of statements made by Fed Chair Janet Yellen, who indicated a longer timeline for keeping interest rates close to zero. "Given Janet Yellen's last comments highlighted 'noise' in the inflation reading, these comments (from Bullard) have some significance," Stan Shamu, market strategist at IG, said in a note. Yesterday’s comment could weigh on the stock market again today.

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

  • Gold, $1,319.70, Up $0.90.
  • Silver, $21.13, Down $0.03.
  • Platinum, $1,484.00, Up $11.70.
  • Palladium, $839.60, Up $3.90.

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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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