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Morning Gold & Silver Market Report – 3/12/2014

CHINA, UKRAINE DRIVE GOLD UP, STOCKS DOWN

Economic troubles in China and geopolitical tensions in Ukraine have boosted the Gold price to a 5 1/2 month high and pressured U.S. stock futures lower. China is a booming market for Gold, and Macquarie analyst Matthew Turner said, “The increase in Asian physical Gold demand over the past ten years has been largely due to the huge rise in wealth in that region, so you would think anything that disrupts growth would negatively affect Gold demand.” Turner went on to explain that “safe-haven buying … seems to be the dominant driver.”

With no economic data on tap for Wednesday, the impact of the economic uncertainty in China and the Ukraine situation is heightened. On Ukraine, CMC Markets chief market analyst Michael Hewson said, “Concerns about the Ukrainian situation are unlikely to go away given that [European Union] leaders seem determined to implement some form of sanctions against allies of [Russian] President [Vladimir] Putin, which could, in turn prompt a counter response.” Regarding China, Tai Hui, chief market strategist for Asia at J.P. Morgan Funds, said, “The timing of this volatility coincided with a level of pessimism on China that we haven't seen for quite some time.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,367.20, Up $18.60.
  • Silver, $21.15, Up $0.31.
  • Platinum, $1,476.00, Up $9.40.
  • Palladium, $771.20, Up $0.70.

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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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