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Mid-Day Gold & Silver Market Report – 7/17/2014

GOLD SOARS ON NEWS OF PLANE SHOT DOWN IN UKRAINE – 295 DEAD

Gold, Silver Platinum and Palladium prices are all soaring on the news coming out of Reuters that a Malaysian plane was shot down by militants in eastern Ukraine using a ground-to-air missile. It is being reported that all 295 passengers were killed. The plane came down near the city of Donetsk, which is a stronghold for pro-Russian rebels. The U.S. equity markets turned down sharply on the news.

Housing starts fell in June to the slowest pace in nine months. This missed analyst’s expectations and will only increase worries that the housing recovery has stalled or reversed. The 9.3 percent drop in June was led by decreases in single family homes and apartments. Earlier this week, U.S. Federal Reserve Chair Janet Yellen had expressed concerns the housing sector has shown little recent progress. Today’s report will only add to her concern.

At 12:40 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,317.50, Up $16.80.
  • Silver, $21.13, Up $0.36.
  • Platinum, $1,503.90, Up $17.20.
  • Palladium, $886.10, Up $8.40.

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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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