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Mid-Day Gold & Silver Market Report – 4/22/2014

ETF OUTFLOWS CONTINUE TO PRESSURE GOLD PRICES

Gold prices are down slightly as they head into their fourth day of losses. This modestly downward trend is fueled by traders and hedge funds selling out of ETFs. "Traders seem to have given up on gold as a provider of safe haven at the moment," Saxo Bank's head of commodity research Ole Hansen said. "Instead the focus remains firmly on the United States, where earnings and economic data continue to indicate interest rates will rise sooner rather than later.” Gold prices continue to find support as events unfold in the Ukraine and retreating U.S. dollar (perhaps on the speculation that interest rates will rise sooner than later).

In a perfect world we can have both high employment and low inflation, but can these coexist? The Federal Reserve monetary policy is based on this possibility, but can it actually happen? If employment is high and people are spending money, then there are more money chasing goods and services which should drive prices up. In economics, this is called the Phillip’s curve, which describes the inverse relationship between inflation and unemployment. In today’s world, they do not move at the same speed and not all prices rise and fall together, but high employment does mean demand for higher pay and more spending. There is much attention paid to unemployment that the Federal Reserve finds no opposition in their efforts to boost the economy. Inflation is low, so who cares. As we move forward, there will be a challenging balancing act because low inflation is viewed as a good thing. The challenge will be how to hold it within an acceptable range.

At 1:05 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,282.80, Down $7.60.
  • Silver, $19.44, Up $0.04.
  • Platinum, $1,399.60, Down $1.10.
  • Palladium, $785.20, Up $6.40.

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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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