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Market Reports

Closing Gold & Silver Market Report – 3/3/2014

POSSIBLE MILITARY FORCE IN UKRAINE PROVIDES SUPPORT FOR GOLD; U.S. STOCK MARKET DROPS SHARPLY

As tensions in Ukraine continue to intensify, so does the appeal of safe-haven assets such as Gold. The yellow metal jumped 2.2 percent today along with U.S. crude oil as it rose to its highest level since December of last year to settle at $104.92 a barrel.  "Investors had underestimated the risks of an escalation in Ukraine, so the events over the weekend are a wake-up call for the market," David Thebault, head of quantitative sales trading at Global Equities, said.  Because of the tensions, Ukraine’s hryvnia currency dropped to an all-time record low against the U.S. dollar. In turn, the U.S. stock market felt the pain as it declined sharply due to Russia’s intervention in Ukraine. 

The U.S. stock market concerned investors today as the Dow and S&P had their worst day in a month due to Russia’s threat to use military force in Ukraine.  "Certainly this might go on for a couple days, but ultimately what matters for stock prices is earnings. This might cause some near-term turbulence, but there is no reason to think this is the end of the rally," Dan Greenhaus, chief strategist at BTIG, said.  All the focus on Ukraine overshadowed upbeat U.S. economic activity with both consumer spending and U.S. factory data both reflecting better than expected data. 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,352.30, Up $28.70.
  • Silver, $21.47, Up $0.21.
  • Platinum, $1,461.70, Up $12.90.
  • Palladium, $749.10, Up $4.70.

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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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