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Morning Gold & Silver Market Report – 5/14/2014

PLATINUM LIFTS GOLD

Precious Metals prices are higher across the board in early-morning trading, with Gold finding surprising support from the Platinum price. The 16-week strike at South African Platinum mines has supported that metal’s price lately, and now it’s lending support to Gold. Analysts at Japanese financial holding company Nomura said in a note that “the potential for this strike to linger on as the inflexibility of the unions remains deeply entrenched. Although the majority of workers appear to want to return to work, the inability for adequate security to be provided is likely to erode the restart timeliness further. The impact from stockpiles having been reduced will likely start to affect the market going forward.”

U.S. stock futures were slightly lower in premarket trade, but optimism hasn’t faded for most analysts. Stephen Pope, managing partner at Spotlight Ideas, said, “We are roughly 30 points above the 50-day moving average. We would need a large technical fall points-wise in the S&P to start to be worried.” Pope also noted that equities don’t have a big reason to break down outside of increasing tensions in Ukraine or a eurozone meltdown.

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

  • Gold, $1,309.00, Up $12.20.
  • Silver, $19.96, Up $0.36.
  • Platinum, $1,476.30, Up $20.30.
  • Palladium, $825.70, Up $7.40.
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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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