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Mid-Day Gold & Silver Market Report – 8/11/2014

CHINESE SILVER INVENTORIES SEVERELY DEPLETED AT SHANGHAI FUTURES EXCHANGE

Silver inventories are depleted by nearly 90 percent at the Shanghai Futures Exchange. Inventories are growing increasing tight as they continue to fall to record low levels. It is important to note that both the Shanghai Futures Exchange and the Shanghai Gold Exchange act much differently than COMEX. With COMEX, most Gold and Silver contracts are settled in cash, whereas in the Shanghai Futures Exchange, most contracts are settled with the delivery of the actual metal. This is why we are seeing the supply of physical Silver severely depleted. Many experts have expressed the opinion that in the COMEX markets, prices are more easily manipulated because the majority of trades are “pare trades”.  Conversely, the Shanghai Futures Exchange deals mostly with the actual physical metals and price manipulations would be more difficult.

Stocks climb on easing geopolitical tensions, while Gold and Silver hold their own. A clear differentiator between the two asset classes, as stocks accept more risk, Gold and Silver prefer protection. Earlier today, Russian President Vladimir Putin said his country would work with the International Red Cross to provide humanitarian aid to Ukraine.  Israel and Palestine agreed to a 72-hour ceasefire promoted by Egypt.  Dave Lutz, Head of ETF Trading at Jones Trading said, “They [the headlines] haven't gotten worse which was clearly a win… Plus we're past the weekend and you had a lot of angst building up ahead of the weekend." Lutz attributed the limited air strikes in Iraq as positive for the market.

At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,308.70 Down $2.30
  • Silver, $20.00 Up $0.04
  • Platinum, $1,472.30 Down $6.00
  • Palladium, $875.90 Up $14.40

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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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