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Mid-Day Gold & Silver Market Report – 3/12/2014

GLOBAL CIRCUMSTANCES BOOST SAFE-HAVEN APPEAL OF GOLD

Gold is higher for a third straight session as tension in Ukraine and sluggish Chinese economic growth influence the yellow metal’s upward momentum.  “Geopolitical tensions are set to remain high, which should lead to safe-haven demand,” Mark O’Byrne, executive director at GoldCore, said. “Concerns about the Chinese, and indeed the global economy, are also supporting Gold.”  Anxiety surrounding the standoff between Ukraine and Russia will remain in focus through the end of the week as Crimean citizens prepare to vote on Sunday about joining Russia or remaining an autonomous Ukrainian state. 

The S&P 500 is down today as escalating circumstances in Ukraine and global growth concerns weighed on U.S. equities.  “We saw a pretty healthy sell-off based on China slowdown fears and potential Russian expansion,” Walter Hellwig, at BB&T Wealth Management, said. “The concerns of what’s going on are still on the minds of investors and they’re putting money into safe haven assets like U.S. Treasuries and Gold.”  U.S. investors will continue to eye global developments as they attempt to structure their portfolios for the short-term.

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

  • Gold, $1,370.80, Up $22.10.
  • Silver, $21.38, Up $0.53.
  • Platinum, $1,479.00, Up $12.40.
  • Palladium, $778.30, Up $7.80.

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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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