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Mid-Day Gold & Silver Market Report – 7/7/2014

GOLD & SILVER PRICES HOLDING STEADY BUT SLIGHTLY DOWN – PALLADIUM SETS RECORD HIGHS

Gold prices are most likely reacting to the recent uptick in the U.S. dollar. The year 2014 was at one time considered to be the year of the U.S. dollar, but so far, this has not materialized. Recent strong jobs reports have increased speculation that the Fed will raise interest rates sooner than expected no matter what they have indicated as of late. Economists are still looking for more data, but investors are beginning to look at the middle of 2015 for the first hike.

As Gold and Silver prices can be effected by geopolitical events and natural disasters, there are several stories to make note of today. Tensions in Gaza continue to heat up as Israeli airstrikes are reported to have killed six Hamas militants.  According to Hamas spokesman Sami Abu Zuhri, Israel has committed a "grave escalation" in violence and spoke of retaliation, saying Israel would "pay the price". This comes after the reported killing of six Hamas men. Pro-Russian rebels may have been pushed out of the city of Slaviansk, but they are erecting new barricades in the city of Donetsk. The defeat in Slaviansk was the worst defeat in months, but rebel forces are much more optimistic about their abilities to hold the million plus population of Donetsk. A super typhoon is bearing down upon Japan. Winds at more than 150 mph could make this the worst storm in over a decade. Okinawa is set to get hit first and the good news is that there are no nuclear power plants on Okinawa. However, there are three nuclear power plants that do appear to be in the path of the storm once it has passed over Okinawa and heads for the Japanese mainland.

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

  • Gold, $1,319.10, Down $3.50.
  • Silver, $21.02, Down $0.12.
  • Platinum, $1,495.00, Down $13.70.
  • Palladium, $869.30, 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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