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Morning Gold & Silver Market Report – 5/7/2014

UKRAINE SUPPORTING GOLD PRICE; STRIKE SUPPORTING PLATINUM

Precious Metals fell in early morning trading ahead of congressional testimony from Federal Reserve Chairwoman Janet Yellen, though the situation in Ukraine is still lending support to the Gold market in particular. Societe Generale said in a note, “Janet Yellen's testimony … in Washington is the big event on the calendar today, and the market is positioning itself for (more) dovish comments. That means that we would get a bigger reaction … to relatively hawkish comments.” Platinum and Palladium have been supported by a miners’ strike, and HSBC said in a note, “The market may be close to another leg higher if the strike is not resolved soon.”

U.S. stock futures are slightly higher this morning, though the U.S. dollar is flat. Regarding the dollar, Marshall Gittler of IronFX said, “We may see further new 2014 lows against other currencies too if Yellen sows doubts about whether the Fed will end its [quantitative easing] program on schedule later this year or tries to push back the market’s expectations of when tightening will begin.”

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

  • Gold, $1,306.00, Down $4.60.
  • Silver, $19.60, Down $0.09.
  • Platinum, $1,444.80, Down $13.30.
  • Palladium, $810.40, Down $9.00.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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