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Mid-Day Gold & Silver Market Report – 7/14/2014

GOLD, SILVER SUFFER LARGEST DROP IN TWO MONTHS

Gold prices have been down as much as 2.2 percent this morning, which is the largest daily drop since December. According to Barclays, there has not been a shift to bearish sentiment, but rather a move to take profits off the table. “Overall, we believe that physical demand has remained short of expectations, the latest price increase having been driven largely by speculation,” Eugen Weinberg, commodity strategist at Commerzbank in Frankfurt, wrote in a note. Weinberg added that India’s decision to maintain a 10 percent import tax on Gold and Silver “is also likely to have a dampening effect on future Gold demand expectations. In conjunction with a rather below-average monsoon season, this points to below-average Gold demand from India.”

Wall Street is up today on a combination of good earnings out of Citigroup and increased merger activity. “We have Citi earnings coming out positively, that's giving us a little spark. Continued [mergers and acquisitions] would more than likely propel sentiment, and we got Goldman [Sachs] raising their S&P target for year-end,” Andre Bakhos, managing director at Janlyn Capital LLC, said. Citigroup propelling the market does seem odd as it was also announced today that the multinational banking corporation agreed to pay a civil fraud fine of $7 billion for selling shoddy mortgage backed securities.

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

  • Gold, $1,307.80, Down $30.60.
  • Silver, $20.95, Down $0.51.
  • Platinum, $1,494.50, Down $20.30.
  • Palladium, $873.80, Down $2.50.
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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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