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Morning Gold & Silver Market Report – 7/31/2014

CITI ANALYST MAKES CASE FOR GOLD

Precious Metals and U.S. stocks fell after the release of the weekly jobless claims report, which showed 302,000 new claims were filed the week ended July 26. Last week saw a 14-year low for jobless claims, so many expected this week’s increase. July is a notoriously volatile month for jobless claims due to annually scheduled manufacturing plant shutdowns.

Optimism over the U.S. economy appears to be hampering demand for Gold at the moment, even as the U.S. Federal Reserve says it has no plans to raise interest rates in the short term. Citi analyst David Wilson offered a case for Gold ownership, saying, “The biggest price move we had over the past couple of months was in reaction to (Fed Chair Janet) Yellen's comments on interest rates in mid-June, and it seems to me that the focus is now economic growth. But if you have strong economic growth and low interest rates, you at some point reach capacity constraints and then inflation rises. And if you are scared of inflation, you buy Gold as the metal is seen as an hedge against it.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,288.10, Down $8.30.
  • Silver, $20.60, Up $0.01.
  • Platinum, $1,476.00, Down $5.90.
  • Palladium, $881.50, Up $0.30.

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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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