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Closing Gold & Silver Market Report – 7/22/2014

MIDDLE EAST BULLION DEMAND COULD BOOST LONG-TERM GOLD PRICE

The Gold price has shifted slightly lower today as speculation regarding a near-term hike in interest rates weighed on the yellow metal.  Though Gold is still trading above $1,300 an ounce, higher interest rate expectations are sidelining some Precious Metals investors.  However, geopolitical crises are still offering some support and the announcement of trade expansion for bullion in the Middle East could force prices even higher over the long term.  A spot Gold contract has been extended into Dubai and is expected to boost the region’s demand for physical bullion delivery.  “We believe the Middle East has a lot of potential to catch up with the rest of the world,” Frederic Panizzutti, chief executive officer of Dubai’s MKS Precious Metals DMCC, said.

U.S. stocks are trading higher today as strong earnings data and lack of inflationary pressure boosted equities.  The S&P 500 is within two points of its all-time high as investors look to see if the rally can push the market to a new record level.  “The equity market seems destined to trend higher,” Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, said. “We think there is still some modest upside if you continue to see earnings rise. The inflation numbers are supportive of higher stock prices. It reflects U.S. economic growth that is neither too slow nor too fast.”

At 1 p.m. (ET) the APMEX Precious Metals spot prices were: Gold, $1,308.20 Down $6.60 Silver,$21.02 Up $0.01 Platinum, $1,488.20 Down $6.00 Palladium, $875.60 Down $2.50 APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help. - See more at: http://www.apmex.com/Commentaries/2853/mid-day-gold-silver-market-report-7-22-2014#sthash.c2STGmxC.dpuf
At 1 p.m. (ET) the APMEX Precious Metals spot prices were: Gold, $1,308.20 Down $6.60 Silver,$21.02 Up $0.01 Platinum, $1,488.20 Down $6.00 Palladium, $875.60 Down $2.50 APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help. - See more at: http://www.apmex.com/Commentaries/2853/mid-day-gold-silver-market-report-7-22-2014#sthash.c2STGmxC.dpuf

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

  • Gold, $1,308.00 Down $6.90
  • Silver,$21.00 Down $4.20
  • Platinum, $1,490.20 Down $4.20
  • Palladium, $874.70 Down $2.50

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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