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Mid-Day Gold & Silver Market Report – 7/23/2014

GOLD HOLDS STEADY DESPITE TURMOIL IN UKRAINE

Investors may be somewhat surprised by the lack of Gold and Silver price volatility in the wake of heightening tensions in both Ukraine and on the Gaza Strip. Pro-Russian rebels shot down two Ukraine fighter jets this morning in the same area where Malaysian Air Flight MH17 was destroyed. Reports say they were brought down by powerful anti-aircraft missiles. “This shoot-down shows the separatists are pressing ahead even as the Ukrainian army advances,” Joerg Forbrig, senior program officer for central and eastern Europe at the Berlin bureau of the German Marshall Fund of the U.S., said. “The rebels are clearly determined to resist and Russia is determined to help them.”

Although U.S. Secretary of State, John Kerry, reports that talks between Israel and Hamas are progressing, the fighting continues to rage on. Israel is also fighting to contain the economic damage that has and will result from the halting of flights into Tel Aviv’s main airport by U.S. and European airlines. So far it is estimated that 668 Palestinians have been killed in the fighting. "We have certainly made some steps forward. There is still work to be done," Kerry said. "We are doing this for one simple reason. The people in the Palestinian territories, the people in Israel, are all living under the threat or reality of immediate violence. And this need to end for everybody."

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

  • Gold, $1,305.40 Down $1.90
  • Silver, $20.99 Down $0.02
  • Platinum, $1,487.10 Down $2.20
  • Palladium, $875.90 Up $0.10

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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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