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Morning Gold & Silver Market Report – 3/17/2014

GOLD HITS SIX MONTH HIGH OVERNIGHT

Gold hit a fresh six-month high Monday morning following a vote in Crimea to break from Ukraine. Western countries are warning Russia of sanctions after the vote, spurring geopolitical tensions that are generally positive for Gold. Societe Generale analyst Robin Bhar said, “It's definitely soft economic data, risk aversion, Ukraine and geopolitical tensions. Also there is more of a risk now of China maybe having a bit of a hard landing, U.S. recovery may be slower than people thought and Gold is coming in on its own as an insurance policy, safe-haven bid.”

U.S. stock futures are also pushing higher in premarket trading, shrugging off the Crimea vote. Craig Erlam, market analyst at Alpari UK, said, “The vote itself went exactly as was expected, but Friday’s risk aversion wasn’t based on how the vote would go, it was down to the uncertainty around how the West would respond. As yet, there has been no response which is why we’re seeing that relief rally this morning.” Western countries will further discuss sanctions for Russia as the day progresses.

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

  • Gold, $1,382.20, Up $1.20.
  • Silver, $21.42, Down $0.02.
  • Platinum, $1,478.50, Up $6.90.
  • Palladium, $772.00, Down $1.30.

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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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