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Weekly Gold & Silver Market Recap – 3/14/2014


Precious Metals continued to gain ground this week. Gold’s safe haven appeal has been boosted with low demand for U.S. equities, a weaker U.S. dollar and geopolitical concerns about Ukraine.  These factors have Gold set for a gain of more than 3 percent for the week.  When asked what he attributed to the rise of Gold, H.C. Wainwright managing director Jeffrey Wright said, “safe-haven demand on the back of an escalating crisis in the Crimea.  The referendum to formally be annexed by Russia, moving forward for Sunday, is adding to worries the crisis will end poorly for the U.S. and Europe.”

According to the Thomson Reuters/University of Michigan overall index of consumer sentiment survey, U.S. consumer sentiment has dipped in March as expectations for the future growing more negative. Survey director Richard Curtin said in a statement, “Overall, consumers continued to demonstrate their resilience in the face of a long and harsh winter, and have not recognized any implications for the domestic economy from the Russian incursion into Ukraine.”

Fears regarding a slowdown in Chinese economic growth has also stalled equities and pushed investors towards Gold.  “We saw a pretty healthy sell-off based on China slowdown fears and potential Russian expansion,” Walter Hellwig of 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.

U.S. equities softened this week following the breach of new record levels for the S&P 500 last week.  Though unemployment numbers are down and retail figures came in better than expected, domestic stocks failed to continue the momentum into this week.  “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. 

Next week, investors will remain focused on the outcome vote to determine whether citizens of the Crimea will remain an autonomous part of Ukraine or become a part of Russia.  Tensions between the two nations have spurred demand for Gold and the result of the referendum could exacerbate the standoff and further the push for Precious Metals.

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

  • Gold, $1,383.80, Up $9.40.
  • Silver, $21.49, Up $0.27.
  • Platinum, $1,473.00, Down $8.40.
  • Palladium, $773.40, Down $5.60.

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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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