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Weekly Gold & Silver Market Recap – 7/11/2014

Gold continues to surprise some analysts as another week of gains leaves the yellow metal trading at its highest level in almost four months.  New geopolitical tension on the Gaza Strip helped elevate safe-haven demand as many investors seek the asset pending further clarity regarding the future of interest rates in the U.S.  While Gold rallied, U.S. stocks suffered losses in each session until today.  On Friday, equities were able to stave off their largest weekly drop since April.  Many investors and market analysts are fearful that the remarkable rally that equities have experienced over the last year-and-a-half came on too drastically.  Anxiety looms heavily among these individuals who are concerned that the stock market is set to realize a 15 to 20 percent correction in the coming months.  Should these premonitions prove accurate, look for Gold and Silver to continue their upward surge. 

On Friday, the Gold price was relatively unchanged. While there is support for Gold to move higher, a recovery from yesterday’s losses in stocks is preventing that for the moment. Mitsubishi analyst Jonathan Butler said, “Geopolitical uncertainty and concerns of any potential contagion into Portugal's wider banking sector and indeed the euro zone's wider banking sector were clearly supporting Gold yesterday. The longer-term trend since early June shows that there is still underlying strength in Gold.”

The Gold price jumped higher on Thursday as a wave of selling among world stocks increased the safe-haven demand for Precious Metals.  Sluggish economic data from the Eurozone and disappointing reports from China caused trepidation among equities investors and forced the yellow metal to a four-month high.  Geopolitical crises in the Middle East are also gaining the attention of stock traders and Gold bugs alike.  Ongoing tension in Iraq coupled with the Israeli military offensive on the Gaza Strip have helped boost the appeal of Gold as an asylum and weakened the resolve of equities, with investors fearful of the escalating violence in the region.  Developments on the geopolitical and economic fronts will be closely eyed as Gold looks to break through its next technical barrier at $1,375 an ounce.

The selloff among U.S. equities was prolonged on Thursday as news related to financial woes in Portugal made headlines.  Missed debt payments by a company closely linked to Portugal’s second-largest lender caused concern in the region and made its way into domestic markets today.  Speculation that the protracted rally among U.S. stocks was “too far, too fast” initially precipitated the selloff earlier this week as investors fear a massive correction in the stock market.

With this week’s gains, Gold’s 2014 rally is defying negative forecasts by many large financial institutions.  Geopolitical tension and the expectation for low interest rates into the foreseeable future have lent momentum to the yellow metal since the beginning of the year.  “People are seeing the need for Gold again,” Jeff Sica, at Sica Wealth Management, said. “Geopolitical unrest across the globe is imploding, and people are realizing that they need to start hedging against future inflation.”

At 4:53 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,340.20, Even.
  • Silver, $21.50, Down $0.01.
  • Platinum, $1,515.20, Down $2.80.
  • Palladium, $875.50, Up $0.90.

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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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