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Mid-Day Gold & Silver Market Report – 3/17/2014

HEDGE FUNDS FLOCK TO GOLD

Despite a slightly lower Gold price today, the yellow metal is trading at a near six-month high as hedge fund managers flock to the safe-haven appeal spurred on by tension in Ukraine.  The demand for Gold has reached its highest pace since 2007 as U.S. and European Union officials discuss sanctions against Russia.  Yesterday, 97 percent of Crimean voters elected to leave Ukraine and join Russia.  “We have already seen higher prices for gold because of safe-haven bids, and I expect to see more tensions unfolding if sanctions are imposed,” Ryan Larson, head of U.S. equity trading at RBC Global Asset Management (U.S.) Inc., said. Gold has rallied 15 percent this year as hedge funds and retail investors have tripled their long positions in electronically traded Gold since December.

As investors continue to eye the crisis in Ukraine, U.S. stocks turned higher as strong industrial output numbers boosted the outlook for domestic economic development.  As S&P 500 stocks traded 22 percent lower than the 30-day average at mid-day today; anxious traders are temporarily pleased by today’s advance.  “There was always fear that it could be worse,” Paul Zemsky, the head of multi-asset strategies at ING U.S. Investment Management, said.  “The world looks a little less dangerous and the U.S. looks a little stronger in its economic growth.”

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

  • Gold, $1,374.80, Down $6.20.
  • Silver, $21.34, Down $0.10.
  • Platinum, $1,470.00, Up $1.60.
  • Palladium, $776.60, Up $3.40.

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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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