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Mid-Day Gold & Silver Market Report – 7/25/2014

GOLD CREEPS TOWARD $1300; STOCKS TAKE TRIPLE DIGIT LOSS

Gold and Silver are rebounding from yesterday’s declines, while the U.S. stock market has bounced slightly off morning lows. There was strong economic data this morning as orders for durable U.S. manufactured goods beat expectations. However, this could not overcome dismal earnings reports from Amazon and Visa. Additionally, conflicts in Ukraine and the Gaza Strip continue to concern equity markets. "The percent of stocks above their 50-day moving averages isn't a vast majority, so the divergences within it tell you the that markets might want to consolidate a little bit," UBS Financial Services director of floor operations Art Cashin said. "So I think certainly for now they want to rest a little."

In an interesting news story, one of the world’s leading Gold refineries, Rand Refinery, has reported they are missing 87,000 ounces of Gold after adopting a new computer system. This amount is worth about $113 million at spot price of $1,296 per ounce. The South African company has processed one third, or about 50,000 metric tons, of the world’s Gold since 1920, according to their website. Former CEO Howard Craig resigned in May, leaving current CEO Mark Lynam to sort out the problem.

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

  • Gold, $1,299.50.40 Up $8.50
  • Silver, $20.61 Up $0.20
  • Platinum, $1,477.10 Up $2.40
  • Palladium, $879.50 Up $7.50

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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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