Our Daily
Market Reports

Morning Gold & Silver Market Report – 5/16/2014

GOLD IN NARROW RANGE ON U.S. DATA

Gold and Silver turned lower in early morning trading after housing data showed higher-than-expected new home construction numbers. VTB Capital analyst Andrey Kryuchenkov said, “Gold is still stuck in a narrow range because the downside is limited by geopolitical concerns and the upside is capped by generally good U.S. data, which suggest the [Federal Reserve] will carry on with the current pace of stimulus tapering. You have one central bank reducing its quantitative easing when the ECB (European Central Bank) does the opposite. From the simple perspective of the dollar, it should be relatively strong.”

Stock futures rose on the housing data, a day after equities were pummeled by poor earnings from Wal-Mart. Alpari, U.K., Ltd. research analyst Joshua Mahoney said, “The hesitancy seen within markets could lead many to believe we are seeing a top and thus will be looking at more bearish set-ups.” Another bearish sign for stocks is the situation in Ukraine, with reports that Ukrainian troops are attempting to force separatists out of two towns serving as bases for the opposition.

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

  • Gold, $1,292.80, Down $2.80.
  • Silver, $19.35, Down $0.19.
  • Platinum, $1,466.50, Down $3.40.
  • Palladium, $817.80, Up $4.70.

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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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