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Mid-Day Gold & Silver Market Report – 7/11/2014

GOLD & SILVER PRICES OFF SLIGHTLY – STOCKS CONTINUE TO FALL

Gold and Silver prices are down slightly this morning, but perhaps not as much as first expected. Gold prices received a bump up yesterday when concerns grew over a Portuguese bank not meeting a short-term note payment.  Today, the Banco Espirito is doing everything they can to calm contagion fears. “There is a slight pullback in gold as the problem in Portugal did not escalate,” Adam Klopfenstein, a senior market strategist at Archer Financial Services in Chicago, said. “There is also some profit taking.” Investors will continue to monitor these events, as well as those in Iraq and Ukraine, as all can influence Gold prices.

The CME Group and Thomson Reuters have won the battle to replace the century-old Silver “fix” process that has been run by the London Bullion Market Association (LBMA). The Silver fix is used by producers, consumers and investors to set the current market value of Silver. The Silver fix was set everyday by three banks during a noon conference call. There have been price manipulation concerns with the old ways of doing things, which is one reason the LBMA wanted out of the process. The CME Group will provide the platform for the new electronic process and Thomas Reuters will be responsible for administration and governance.

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

  • Gold, $1,337.90, Down $2.30.
  • Silver, $21.49, Down $0.02.
  • Platinum, $1,517.50, Down $0.50.
  • Palladium, $876.40, Up $1.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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