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Morning Gold & Silver Market Report – 3/18/2014

CRIMEA, FED MEETING SET TO IMPACT PRECIOUS METALS

Gold and Silver prices recovered some losses but still remain lower overall at mid-day. The U.S. Federal Reserve began its two-day policy meeting today, with a policy announcement expected Wednesday afternoon. Price movements at the moment are being influenced by the evolving situation involving Russia, Ukraine, and Crimea. Saxo Bank senior manager Ole Hansen said, “The market had positioned itself for a worst-case scenario in Ukraine but that has not really materialized, we had sanctions introduced by Europe and the U.S. and those are not going to really scare Mr. Putin. As long as that is the kind of response that we are seeing, I think that the risk of an escalation in tensions in the area is probably reduced.”

Regarding stock markets, Schwab Center for Financial Research’s director of market and sector research, Brad Sorensen said, “While countries engage in a rhetoric over the legality of Russia’s move to annex Crimea, they also realize that it is difficult to impose too many sanctions without hurting their own interests. Markets are relieved for now that there is not going to be a military action in the immediate future.”

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

  • Gold, $1,363.90, Down $11.00.
  • Silver, $20.94, Down $0.37.
  • Platinum, $1,465.20, Down $5.20.
  • Palladium, $771.30, Down $5.10.

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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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