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Closing Gold & Silver Market Report – 7/17/2014

MALAYSIA AIRLINES JET CRASH URGES INVESTORS TOWARD SAFE-HAVEN ASSETS

Gold bounced back today after news broke that a Malaysia Airlines jet carrying 295 passengers crashed in eastern Ukraine.  Investors quickly began to sell stocks and move into safe-haven assets such as U.S. Treasury’s and Gold sparking both to jump immediately.  There is still concern that the plane was possibly shot down.  At this time, Ukrainian officials have confirmed that neither the government nor pro-Russian separatists fighting in the area were responsible for the incident.  “The worst-case scenario from a market perspective would be one in which it was found Russian officials ordered the plane shot down while the most benign scenario would be one in which the crash was the result of mechanical failure, pilot error or some other cause unrelated to the long-running conflict on the ground,” John Canally, investment strategist at LPL Financial in Boston, said.

The U.S. Federal Reserve continues to hint that their next move to end the infamous monthly bond buying program is possible as the majority of economic data remains positive; however the housing market is still struggling to get back on track.  The U.S. job market is showing a positive outcome with initial claims for state unemployment dropping 3,000 to an adjusted 302,000 for the week of July 12 according to the Labor Department today.  Federal Reserve Chair Janet Yellen has confirmed that the Fed is prepared to raise interest rates sooner if the job market continues to progress.

At 5:30 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,319.70, Up $18.90.
  • Silver, $21.20, Up $0.43.
  • Platinum, $1,504.50, Up $17.80.
  • Palladium, $884.70, Up $7.00.

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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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