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Market Reports

Morning Gold & Silver Market Report – 5/12/2014

SAFE-HAVEN DEMAND RETURNS FOR GOLD

Gold and Silver prices rose in early-morning trading as tensions in Ukraine worsened and the U.S. dollar fell. Mitsui Precious Metals analyst David Jollie said, “We have held around $1,300 an ounce for the last month and a half, and gold needs something to shake it out of that. What could drive that? Geopolitical issues are likely to be a major driver. A change in U.S. and European attitudes towards sanctions in Russia could ratchet up interest in gold, as could more problems in eastern Ukraine. (But) the current situation in Ukraine is already in the price. It would take a change in that to move things from here.”

U.S. stock futures are pointing towards a higher open for Wall Street after positive days for European and Asian stocks, even in the face of geopolitical tensions and a weaker dollar. Valutrades analyst Joao Monteiro said, “There’s no shortage of reasons why investors ought to be fearful right now. The threat of civil war in Ukraine, a slowdown in the Chinese economy or deflation in the euro zone being just three examples — so just how long we have to wait before the opportunistic profit-taking starts is something that remains to be seen.”

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

  • Gold, $1,302.50, Up $12.90.
  • Silver, $19.62, Up $0.45.
  • Platinum, $1,441.60, Up $11.70.
  • Palladium, $809.50, Up $8.70.
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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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