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Mid-Day Gold & Silver Market Report – 7/28/2014

RUSSIA AND TURKEY ADD MORE GOLD FOR THE THIRD STRAIGHT MONTH

Russia and Turkey continue to add to their Gold holdings. According to the International Monetary Fund (IMF), this is the third straight month that both countries have added to their bullion reserves. The drop in June of Gold prices prompted many central banks to add to their Gold position as protection from currency and credit risks. Russia is the fifth largest holder of bullion reserves after the United States, Germany, Italy and France. China is sixth, but it should be noted that they have not officially reported their Gold holdings since 2009. Turkey comes in at number twelve.

Gold and Silver prices have been treading water all morning, while the stock market has been in the red. Mohamed El-Erian published an article in Bloomberg today, that lays out the five key issues faced by Fed Chair Janet Yellen and why we should not be fooled by her comforting “steady as she goes” façade. He points out that one of the unwritten rules about central bank policies is that no big policy changes should happen in the summer. There are too many traders across the globe on holidays, so any sudden move could destabilize markets. According to El-Erian, vacations will end and then the Fed will face five complex and inter-related issues:

1) To what extent is the central bank policy approach increasing the risk of financial instability? 2) How much damage did the recession actually cause and does this mitigate the effect of Fed policies? 3) How quickly will the gain in new jobs translate into wage gains and will these wage gains undermine 2 percent inflation goals? 4) How should they respond to the continued parade of geopolitical shocks? 5) By carrying the bulk of the economic stimulus burden is the Fed undermining the political and operational autonomy necessary for its effectiveness?”

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

  • Gold, $1,303.40 Down $0.90
  • Silver, $20.56 Down $0.08
  • Platinum, $1,493.30 Up $13.70
  • Palladium, $881.90 Up $1.10

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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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