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Closing Gold & Silver Market Report – 7/1/2014

GOLD LIFTED ON SOFTER DOLLAR; STOCKS LIFTED AS BULL MARKET CONTINUES

A weaker U.S. dollar has pushed Gold to its highest level in 14 weeks.  The yellow metal has rallied the last couple weeks as recent developments in Iraq have helped bolster the safe-haven appeal of Precious Metals.  “The dollar weakness is helping Gold stay supported at the current levels,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “Economic data will determine how dovish the [U.S. Federal Reserve] remains, and that will guide Gold.”  Platinum and Palladium are experiencing a sizable boost today as markets attempt to normalize following the South African miner strike that halted production in the world’s most fertile location for the production of both metals.

U.S. stocks surged today as the Dow Jones Industrial Average soared to within two points of 17,000.  The ongoing rally appears to have yet to run its course as many analysts still consider future prospects for equities to be bullish.  “The breadth sends a message about the strength of the bull,” Rex Macey, chief allocation officer at Wilmington Trust in Atlanta, said in a phone interview. “People are comfortable with the story of the economic backdrop that we’ve got going on. People feel like they’re missing the boat and they want to get on.”

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,328.90, Up $4.90.
  • Silver, $21.07, Up $0.01.
  • Platinum, $1,514.00, Up $30.10.
  • Palladium, $853.60, Up $10.50.

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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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