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Mid-Day Gold & Silver Market Report – 3/5/2014

GOLD FLAT, PLATINUM AND PALLADIUM HIGHER WITH ONGOING MINE STRIKE

Gold and Silver have so far experienced little change today as investors continue to weigh the severity of crisis in Ukraine.  While Gold and Silver trade flat, Platinum and Palladium prices are significantly higher today as a mine strike in South Africa continues into its sixth week. “The overall picture is still very much all about Ukraine and Russia,” David Govett, the head of precious metals at Marex Spectron Group, said.  “With mutterings of sanctions against Russia along with the continuing situation vis-a-vis strikes in South Africa, it was only a matter of time” before palladium prices climbed, he said.  South Africa is one of the world’s leading producers of Platinum and Palladium.  The turmoil surrounding wages for miners in South Africa is a recurring problem that periodically acts as a short-term impetus for higher Platinum and Palladium prices. 

U.S. investors continue to monitor the situation in Ukraine as poor payroll numbers failed to significantly sway equities.  “I think Ukraine is certainly on the market’s radar screens and certainly still in the headlines,” Jeffrey Kleintop, chief market strategist at LPL Financial LLC, said. “Markets are continuing to give a free pass to any weak economic number because of the weather. That could be the case for much of the data we’re going to get through February. Stocks will ignore the data if it’s bad and rally on the number if it’s good.” 

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

  • Gold, $1,343.00, Up $3.10.
  • Silver, $21.33, Up $0.09.
  • Platinum, $1,480.30, Up $14.80.
  • Palladium, $773.40, Up $9.70.

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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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