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Morning Gold & Silver Market Report – 5/20/2014

GOLD PRICES UP FIRST QUARTER DESPITE DEMAND DROP IN CHINA

Gold prices experienced a strong first quarter despite demand in China falling by 18 percent. China, the world’s largest consumer of Gold, saw a 40 percent drop in coins and bars, which was partially offset by a 10 percent increase in Gold jewelry. Despite all of this, Gold prices increased by 7.4 percent. “During the first quarter, people were taking a wait-and-see attitude as last year they bought quite a lot, and they need time to digest,” Albert Cheng, the World Gold Council’s Far East managing director, said at a briefing in Singapore today. “Having some Gold is still a preferred option in China.” The World Gold Council expects China’s overall Gold consumption to expand from 1,065 tons last year to 1,350 tons by 2017.

Gold and Silver prices are slightly down and the U.S. stock market is set to open lower. There is an overall lack of financial news today, as investors await Wednesday’s release of the minutes from the recent Federal Reserve Open Market Committee. Overall, the mood of the global markets remains cautious.  Global investors will pay attention to Bank of Japan’s two day meeting, which began today, further developments in the Ukraine and South China Sea, as well as possible policy action from the European Central Bank.

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

  • Gold, $1,290.40, Down $5.30.
  • Silver, $19.33, Down $0.08.
  • Platinum, $1,471.30, Up $1.10.
  • Palladium, $821.40, Up $4.80.

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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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