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Mid-Day Gold & Silver Market Report – 7/29/2014

GEOPOLITICAL TENSION VS. TECHNICAL TRADING

Gold and Silver gave up early gains on technical trading and economic data news this morning. Speaking to short-term traders of Gold contracts, Standard Bank’s Walter de Wet said, “While the futures market is likely to drive the metal price only in the short term (with fundamental factors driving the price in the long run), it does indicate to us that, given the large speculative long position already present in these metals, their prices are likely to struggle to regain upward momentum.” Geopolitical turmoil is one factor that de Wet is not considering in his statement, however.

Those geopolitical issues are causing stocks to lose ground this morning. The European Union governments announced sanctions against Russia due to the country’s role in the crisis with the Ukraine. BTIG chief global strategist Dan Greenhaus said, “Investors are clearly hyper-sensitive right now to things happening in Europe and Russia, and whether it's worsening or not.”

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

  • Gold, $1,300.30, Down $5.00.
  • Silver, $20.58, Up $0.02.
  • Platinum, $1,484.10, Down $6.50.
  • Palladium, $879.90, Down $1.90.
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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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