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Morning Gold & Silver Market Report – 7/10/2014

GOLD & SILVER PRICES SOAR – STOCKS LOOK FOR A DISMAL OPENING

Gold prices are up sharply this morning and have hit three month highs. Silver and Platinum are climbing as well, while Palladium has retreated only slightly from all-time highs. Gold is benefitting from three separate events. Weak economic data in the Eurozone are driving down equities. "This morning we are seeing some flows into gold as equities started to crumble again ... investors are again diversifying their portfolios and increasing exposure to precious metals as a hedge against concerns about the euro zone's financial situation," Quantitative Commodity Research director Peter Fertig said. Yesterday’s release of the June FOMC minutes gave no clues as to when the Fed might begin to raise interest rates. Investors were expecting indications and the lack of information kept the U.S. dollar flat. The third piece is coming out of India where the decision was made to maintain a record 10 percent import tax on Gold. It was expected that India’s new Prime Minister would remove this tax and now potential Gold supply shortages in India could drive Gold prices up. India and China together buy over 50 percent of the world’s Gold.

Stocks are set to open deeply in the red on two events. The first being the aforementioned disappointment in yesterday’s release of the June FOMC meeting minutes. The market expected an indication of when the Fed would begin raising interest rates and they received none. The second event brings Portugal back center stage. The parent of a Portuguese bank delayed payments on some short-term debt. Banco Espirito’s shares fell 15 percent and it is dragging European banks down along with it. Keith McCullough, chief executive officer at Hedgeye Risk Management, said, “To blame a globally interconnected market of massive risks on Portugal is lame. This move in U.S. bond yields (straight down since the jobs report headfake), gold (straight up) and U.S. mo-mo stocks (straight down mon-tue) is the bigger picture of risk.”

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

  • Gold, $1,342.60, Up $16.70.
  • Silver, $21.47, Up $0.40.
  • Platinum, $1,514.90, Up $7.00.
  • Palladium, $867.50, Up $6.20.

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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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