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

GOLD PUSHED HIGHER AS DOLLAR WEAKENS AND UKRAINE CRISIS PERSISTS

A softer U.S. dollar coupled with rising tension in Ukraine pushed Precious Metals prices higher today.  The first quarter of 2014 has seen Gold and Silver remain mostly range-bound as short-term traders try to gauge comments from the Federal Reserve, improving economic data, stock performance, and geopolitical turmoil to structure their positions.  Since January, the Federal Reserve has trimmed economic stimulus measures by $10 billion per month.  “There are real mixed messages from the Fed,” Kevin Caron, market strategist at Stifel Nicolaus & Co., said. “If you’re a gold investor and you’re looking for the Fed to talk incredibly dovishly, you may be disappointed.”  Despite the tightening of monetary policy, Gold is still higher for the year.  With the crisis surrounding Ukraine continuing into mid-May, many Gold investors remain bullish in regards to the yellow metal despite lower projections from analysts and economists.

The S&P 500 and Dow Jones Industrial Average both climbed to new record levels as the domestic and global economies continue to improve.  “The global economy is accelerating, central banks are dovish, companies are making acquisitions and it’s hard to see what could keep the market down from here,” Allan von Mehren, chief analyst at Danske Bank A/S, said.  With an overwhelming majority of S&P 500 companies surpassing profit estimates during earnings season, investors wonder how much longer the equity rally will continue. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,297.70, Up $8.10.
  • Silver, $19.60, Up $0.43.
  • Platinum, $1,439.10, Up $9.20.
  • Palladium, $807.20, Up $6.50.

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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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