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Closing Gold & Silver Market Report – 8/27/2014

GEOPOLITICAL CONCERNS KEEP INVESTORS FOCUSED ON GOLD; IS A MARKET CORRECTION NEAR?

Precious Metals remained flat throughout trading Wednesday with minimal news to affect prices.  Investors were driven to risker assets due to a weaker U.S. dollar and concern that the European Central Bank may lean towards additional fiscal policy.  Geopolitical tension continues even though Ukraine and Russia agreed to work together to end further conflict in the east of the country.  "The numerous sources of geopolitical crisis are evidently preventing the gold price from slumping," Eugen Weinberg, head of commodity research at Commerzbank, said.

Markets could face a 60 percent fall in the near future according to experts David Tice, president of Tice Capital and founder of the Prudent Bear Fund and Abigail Doolittle, technical analyst the founder of Peak Theories Research.  Both experts shared their thoughts with CNBC today on how the Federal Reserve’s low interest rates could cause a 50-60 percent market correction much like what was seen in 2007.  "Unfortunately, I think it could come on a crash similar to what happened in 2007,” Doolittle, the founder of Peak Theories Research, said. “It's tough to know what the exact catalyst will be. But that's the very nature of that kind of selloff. They start slowly and then happen very suddenly."

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

  • Gold, $1,284.70 Down $1.50
  • Silver, $19.49 Up $0.04
  • Platinum, $1,418.60 Down $1.00
  • Palladium, $893.30 Up $3.10

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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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