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Morning Gold & Silver Market Report – 7/16/2014

GOLD TREADING WATER AS INVESTORS AWAIT YELLEN

Gold futures are trading even this morning as the yellow metal awaits new upward momentum following three days of losses.  Prices dropped over $40 through Monday and Tuesday following a large technical selloff and dovish comments by Federal Reserve Chairwoman Janet Yellen regarding the future of interest rates in the United States.  So far this year, Gold has been buoyed by geopolitical tension and low interest speculation.  “The new speculative longs in the market may be justified based on (largely unpredictable) political tension in e.g. the Middle East and Eastern Europe,” Walter de Wet, commodities strategist at Standard Bank, said. 

U.S. stock futures are looking to trade higher today as Yellen enters her second day of testimony in front of the Senate Banking Committee.  "It should be pretty identical to yesterday, so no new surprises are expected. The Q&A could be worth watching though," said Deutsche Bank's Jim Reid in a morning research note.  Investors will wait to see how Gold and equities react following today’s discussions. 

At 9:28 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,301.20, Up $3.10.
  • Silver, $20.81, Down $0.08.
  • Platinum, $1,484.80, Down $1.20.
  • Palladium, $870.80, Up $1.30.
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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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