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Mid-Day Gold & Silver Market Report – 5/14/2014

UKRAINE CRISIS, HIGHER WHOLESALE PRICES BOOST GOLD

Mounting geopolitical tension in Ukraine has boosted Gold’s safe-haven demand today.  Pro-Russian separatists and government forces continue to clash leaving Ukraine on the precipice of civil war.  “Things between Ukraine and Russia are simmering, and that leaves gold poised to go higher,” Frank Lesh, a trader at FuturePath Trading LLC, said. “People want to hold gold like an insurance policy, because it’s still unclear which way things are going to there.”  Precious Metals were also buoyed by data reflecting higher wholesale prices in the U.S.  The numbers show prices jumping more than they have in the past year leaving some investors speculating that this could be the first sign of inflation.  The fear of inflation is a central motivator of higher prices for Gold and Silver. 

A sell-off in small-cap shares precipitated a drop in U.S. stocks as benchmark indexes fell from all-time highs for the second straight session.  “There’s potential for people to take profits as we reach this record-high area,” Joe Bell, senior equity analyst at Cincinnati-based Schaeffer’s Investment Research Inc., said. “When you get these run-ups, people start to look at economic data, and we haven’t exactly had a great run over the last month. People were expecting a pickup following a tough winter.” If stocks were to continue to slip, the appeal of Precious Metals could increase as Gold and Silver both traditional react inversely to significant dips in equities. 

At 3:11 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,307.80, Up $11.00.
  • Silver, $19.84, Up $0.24.
  • Platinum, $1,483.80, Up $27.80.
  • Palladium, $829.10, Up $10.80.

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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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