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Morning Gold & Silver Market Report – 7/8/2014

METALS UP AS POSSIBLE WAR LOOMS

Precious Metals prices are trading higher through early morning trading.  Although a recent rise in equities provided pressure to metals the last few days, investors are beginning to turn their attention to alternative assets such as Gold.  Marex Spectron’s manager of precious metals David Govett said, “I still feel that the market has done enough on the upside for the time being, although having said that, the downside is fairly limited.  I think we have now well and truly entered the summer doldrums and wouldn’t hold out a lot of hope for fireworks in the near future.”

A new situation in Israel may provide even more geopolitical strain to an already sensitive situation in the region.  After a surge of rockets being fired at Israeli towns by Islamist Hamas, Israeli military action has picked up with the intense bombing of the Gaza Strip.  In a statement Defense Minister Moshe Yaalon said, “We will not tolerate missiles being fired at Israeli towns and we are prepared to extend the operations with all means at our disposal in order to keep hitting Hamas.”  An Israeli leader was quoted by a source from Prime Minister Benjamin Netanyahu’s office to state that, “The IDF (Israel Defense Forces) must be ready to go all the way. All options are on the table, including a ground invasion.”

At 9:15 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,325.60, Up $6.60.
  • Silver, $21.16, Up $0.15.
  • Platinum, $1,504.80, Up $8.20.
  • Palladium, $873.10, Up $4.20.
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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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