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Mid-Day Gold & Silver Market Report – 7/1/2014

METALS CLIMB AS STOCKS ROCKET TO RECORD LEVELS

Gold and Silver prices are up, while Platinum and Palladium prices boom with the U.S. stock market. The stock market is up over triple digits and the S&P continues to climb into record territory. Reports today indicate expansion in the U.S. and Chinese manufacturing have bolstered overall confidence in the global economy. "A lot of people are still fretting over what happened in the first quarter, but all the data that have been coming out, including today's ISM, is consistent with an economy in a meaningful better place, and stock prices are reflecting that reality," Dan Greenhaus, chief global strategist at BTIG, said. Perhaps the first quarter GDP was an anomaly and things are picking up?

Gold and Silver prices continue to find support from events in Ukraine and the Middle East. In Ukraine, the ceasefire ended and the gloves are off. Ukraine forces have attacked rebel positions and this drew fire from Russian President Vladimir Putin. President Putin repeated threats he made in March when Russia annexed Crimea stating that Russia would continue to defend the interest of Russians abroad. Ukraine President Petro Poroshenko has accused Russia of instigation in the area by allowing fighters and equipment to cross borders and support rebels.

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

  • Gold, $1,330.60, Up $6.70.
  • Silver, $21.18, Up $0.12.
  • Platinum, $1,514.40, Up $30.50.
  • Palladium, $854.50, Up $11.40.

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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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