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

GOLD COULD BE STRONG BET AS STOCKS TUMBLE AND IMPROVEMENT GOES UNREALIZED

The Gold price dipped lower today as the yellow metal is set to post a 3.1 percent loss for the month of July.  Strong U.S. employment numbers added to the current downward pressure on Precious Metals.  Though reports point to a rebound in the U.S. economy, many individuals are not experiencing the improvement first-hand.  Many of the jobs added are part-time positions, which leave countless underemployed.  Income has yet to improve as Americans continue to watch the gas prices and other goods rise higher and higher.  With looming geopolitical crises escalating, fear of a stock market correction and mounting national debt, many investors still feel the need to protect themselves with safe-haven assets like Gold and Silver. 

U.S. stocks took a drastic turn downward today as a global selloff of shares has left the Dow Jones Industrial Average down over 300 points today.  “The Fed is stepping out of the way and the market’s valuation is high enough that people are quick to take profit,” Wayne Wilbanks, chief investment officer at Wilbanks, Smith & Thomas Asset Management LLC, said.  “You are going to get more days like today, where investors are more trigger happy, quicker to liquidate. Everybody knows a correction is coming and it will come.”  If a correction in major stock indexes were to hit markets, Gold would most likely benefit greatly due to the metal’s inverse relationship with equities. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,283.00, Down $13.40.
  • Silver, $20.42, Down $0.18.
  • Platinum, $1,464.20, Down $17.70.
  • Palladium, $873.60, Down $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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