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Mid-Day Gold & Silver Market Report – 7/2/2014

HSBC: RECENT GOLD PRICE GAINS COULD HAVE A SOLID FOUNDATION

HSBC Senior Analyst Jim Steel commented in a note that Gold prices rising and holding their own in the face of a bullish equity market indicate strength and not just a short covering rally. "Gold gains are all the more impressive given the generally pessimistic tone in the market in recent weeks," Steel said. Steel also commented that the Gold rally might not just be based solely on geopolitical concerns. "The wave of bullishness in global equities markets is not undermining gold prices this go around. This may denote underlying strength in the bullion markets. We expect the market to be choppy heading into the US 4 July holidays, but to remain strong," Steel said.

Gold and Silver prices are still slightly up throughout the morning while the U.S. stock market has given up some of its gains. Fed Chair Janet Yellen, while speaking at an International Monetary Fund Conference, made comments about the greater risk taking in the equity markets and that investors might not fully understand the potential for future losses.   "That said, I do see pockets of increased risk-taking across the financial system, and an acceleration or broadening of these concerns could necessitate a more robust macro prudential approach," Yellen said. "I think the fact that she's seen an increase in risk-taking is probably causing the market to give up some gains," Peter Cardillo, chief market economist at Rockwell Global Capital, said.

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

  • Gold, $1,332.50, Up $3.90.
  • Silver, $21.30, Up $0.19.
  • Platinum, $1,513.10, Down $2.90.
  • Palladium, $858.30, Up $3.60.

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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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