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Mid-Day Gold and Silver Market Report – 7/10/2014

END OF QE, EUROPE NEWS SENDS STOCKS DOWN, GOLD HIGHER

Gold is trading near a four-month high amid the fallout of yesterday’s release of the minutes from the Federal Reserve’s June meeting, which detailed the end of quantitative easing (QE). While the end of QE would typically be bearish for Gold, the yellow metal seems to be reacting more to the stock market. News that the Fed’s plan to end QE was “mildly more aggressive than most anticipated,” according to Brien Lundin of Gold Newsletter, sent stocks tumbling.

One of Portugal’s top banks is showing signs of trouble, also contributing to falling equities. Peter Boockvar, chief market analyst at the Lindsey Group, said that this “is a reminder that the region is barely growing, and their economy is as big as ours.” JJ Kinahan, chief strategist at TD Ameritrade, said, “We used to have a Europe crisis every two weeks, now we have one every nine months.” There could be more to come, according to Andrew Wilkinson, chief market analyst at Interactive Brookers, who said, “A stock market correction has been an ongoing concern and maybe this is the catalyst. The key in Thursday's trading will be to discern between viable correction catalyst and a game changer. Portugal is likely not a game-changer.”

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

  • Gold, $1,339.20, Up $13.90.
  • Silver, $21.48, Up $0.41.
  • Platinum, $1,517.90, Up $10.00.
  • Palladium, $874.90, Up $1.20.

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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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