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Mid-Day Gold & Silver Market Report – 4/21/2014

GOLD, SILVER PRICES DIP BELOW KEY LEVELS

Sources familiar with the matter say the Chinese government has begun allowing its capital city of Beijing to import Gold. Currently, only Shenzhen and Shanghai import the yellow metal. China has become the world’s number one Gold buyer, though it is difficult to assess how much China owns as they do not volunteer information about reserve holdings or mining production. Allowing Beijing to import Gold is viewed as another measure to keep China’s purchases secret. According to the World Gold Council, China is increasing Gold purchases as they decrease positions in the U.S. dollar.

A recent Gallup survey shed some interesting light on what most people think are best long term investments. Real estate was the leader with 30 percent of the votes. Coming in a close second were Gold and stocks, each receiving 24 percent. Mitch Tuchman, a strong proponent for a well balanced portfolio, pointed out these 20-year annualized returns: REITs 11.2 percent; Gold 8.4 percent; S&P 500 8.2 percent; Bonds 6.3 percent and Homes 2.7 percent. The survey also pointed out that those with lower incomes ranked Gold as number one.

At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,289.20, Down $6.70.
  • Silver, $19.41, Down $0.24.
  • Platinum, $1,400.70, Down $28.00.
  • Palladium, $778.40, Down $29.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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