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Mid-Day Gold & Silver Report – 5/19/2014

METAL PRICES MAINTAIN MORNING GAINS

Precious Metal prices have held on to their morning gains, while the U.S. stock market reversed into positive territory. Platinum is the strongest performer on news of continued labor disputes in South Africa. Gold prices have risen for the first time in three days on speculation that demand will increase in India if the Indian government relaxes import restrictions set in place last year. India currently has a 10 percent tax on imports, which could be eliminated as soon as July. “There is a lot of optimism that India will slash the tariff rate,” Tommy Capalbo, a broker at Newedge Group in New York, said in a telephone interview. “People expect India’s demand to rise in the second half of the year.”

The European Central Bank and 20 euro region central banks declared in a statement, “Gold remains an important element of global monetary reserves [and … the central banks] do not have any plans to sell significant amounts of Gold.” Bernard Sin, head of currency and metal trading at MKS SA, said by email the ECB statement is positive for Gold. It should also be noted that billionaire investor John Paulson kept his Gold holdings intact for the first quarter of 2014.

The Kremlin announced Monday that President Vladimir Putin ordered Russian forces to pull back to their bases, but there has been no indication that this actually took place. “Unfortunately I have to say that we haven't seen any evidence at all that the Russians have started a withdrawal of troops from the Ukraine borders,” NATO Secretary General Anders Fogh Rasmussen said in Brussels. Likewise, Pentagon spokesman Rear Admiral John Kirby told Reuters, “We have seen no indication of any movement.” If a troop withdrawal were to occur, it would be viewed as a conciliatory gesture by Russia.

At 1:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,296.30, Up $0.80.
  • Silver, $19.40, Up $0.02.
  • Platinum, $1,470.60, Up $4.50.
  • Palladium, $817.10, Up $1.10.

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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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