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Closing Gold & Silver Market Report – 7/15/2014

YELLEN’S COMMENTS WEIGH ON GOLD

The Gold price has fallen back below $1,300 for the first time in roughly one month following testimony by Federal Reserve Chairwoman Janet Yellen in front of the Senate Banking Committee.  "Yellen was a little bit more hawkish than expected. That signals higher rates sooner rather than later. And that's anti-inflationary, and presents competition for Gold,” Gold expert George Gero of RBC Capital Markets, said.  Volatility continued today as the yellow metal hovered near the $1,300 mark.  Monday’s significant price drop influenced a strong influx of new positions among Gold ETFs.  The inflow of new contracts has raised trading volume to its highest level in nearly three years

As investors look to the second half of 2014, the Gold price is currently up over 9 percent this year.  The World Gold Council (WGC) has released its 2014 review of Gold and has surmised that general interest in Gold is gaining momentum.  According to the WGC, following the tremendous price drop in 2013, the current market climate appears bullish for Gold.  Citing low prices, high bond issuance, tight credit spreads and record low volatility (prior to recent weeks) the WGC believes Gold is primed for higher prices through the second half of 2014.  With ongoing speculation regarding a stock market correction and revamped turmoil in the Middle East, there could be plenty of impetus for a bullish run among Precious Metals before the end of the year. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,295.30, Down $12.40.
  • Silver, $20.73, Down $0.18.
  • Platinum, $1,484.80, Down $9.20.
  • Palladium, $869.10, Down $3.90.
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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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