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Mid-Day Gold & Silver Market Report – 3/13/2014

GOLD RELATIVELY FLAT AS GLOBAL ISSUES REMAIN MOTIVATING FACTOR

The Gold price has rebounded from morning lows caused by optimism on the heels of a strong jobless claims report and upbeat retail sales figures from February.  “The market is reacting to today’s U.S. data,” Alfonso Esparza, senior currency at Oanda Corp., said. “The Ukraine situation is still very volatile, so any news out of there could push gold higher” As tension remains high between Ukraine and Russia and weak economic figures from China weaken investor confidence in the growth of the global economy, the short-term outlook for Gold appears bullish. 

Retail data and unemployment reports failed to buoy equities markets as the Dow Jones Industrial Average and S&P 500 are down as both indexes flirt with record highs.  “The markets are in the mode where we’re hitting record highs domestically and there are very few things to make the market move higher,” Randy Frederick, managing director of trading and derivatives at Charles Schwab Corp., said. “A few points is nothing to be alarmed about and this week has been a consolidation week as it is.”  With concern regarding global economic growth on the radar and fear of escalating conflict between Ukraine and Russia, equities investors could remain noncommittal until clearer signs of progress are presented. 

At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,373.90, Up $1.40.
  • Silver, $21.23, Down $0.16.
  • Platinum, $1,480.70, Up $2.40.
  • Palladium, $777.60, Up $0.50.

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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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