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Closing Gold & Silver Market Report – 5/13/2014

GOLD STEADY WHILE MINER STRIKES BOOST PLATINUM, PALLADIUM

Gold and Silver remained level today even as the U.S. economy shows signs of ongoing expansion and benchmark equities indexes remain at record levels.  Platinum and Palladium are trading higher as supply concerns persist due to continued miner strikes in South Africa.  The nation is responsible for a large portion of the world’s Platinum and Palladium production, which has been reduced by nearly 40 percent since the strikes began four months ago.   "A sudden end to the strike would lead to a sharp drop, but we believe the market is working under a structural production/consumption deficit, and we are therefore bullish medium- to longer-term," James Steel, chief precious metals analyst at HSBC, said.  However, Gold and Silver remain the traditional alternative for investors seeking a hedge against market volatility and dollar devaluation.  With geopolitical tensions remaining in Ukraine, analysts and retail investors await further news from the embattled region to gauge the future of Gold and Silver. 

U.S. stocks remain at all-time highs though the S&P 500 and Dow Jones Industrial Average experienced little change today.  “We’ve had a stealth rally in the market to this record,” Eric Marshall, a portfolio manager at Hodges Funds, said.  “The fact that we’ve moved up and hit new highs, in spite of some lingering negative sentiment is a very healthy and positive thing for the market.”  Investors are now awaiting the completion of earnings season as over 75 percent of S&P 500 organizations have weighed in with positive reports.  Ongoing strength in earnings data could force equities markets higher in the short-term. 

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

  • Gold, $1,295.70, Down $2.10.
  • Silver, $19.59, Even.
  • Platinum, $1,455.30, Up $13.40.
  • Palladium, $818.30, Up $8.60.

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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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