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Mid-Day Gold & Silver Market Report – 3/3/2014

GEOPOLITICAL TENSION DRIVES GOLD HIGHER

Gold continued its climb in morning trading, adding to a four-month high achieved overnight. With Russia’s involvement in the Ukraine crisis and potential U.S. intervention, many are comparing the situation to the Cold War. The U.S. dollar fell due to the geopolitical tension. Simon Smith, chief economist at FxPro, said that Gold “has also benefitted from the uncertainty … so any bulls with a renewed sense of optimism towards the Precious Metal could have the $1,360 [per ounce level] in their sights. Geopolitical concerns have a habit of distorting the markets and in this case they could continue to do so for as long as the Ukraine issue remains in the headlines.”

Russia has denied reports that it gave an ultimatum to Ukrainian troops to leave the Crimea region or face a “military storm.” The U.S. and the European Union (EU) are reportedly readying sanctions against Russia should it continue its involvement in the situation. Travel bans and asset freezes are reportedly on deck as sanctions from the U.S. and EU. Jane Foley, analyst at Rabobank International, said, “The world now faces a new round of geopolitical tension with potentially very high stakes.”

At 2 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,351.00, Up $27.40.
  • Silver, $21.45, Up $0.19.
  • Platinum, $1,461.10, Up $12.30.
  • Palladium, $750.60, Up $6.20.

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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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