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Morning Gold & Silver Market Report – 7/18/2014

PROFIT TAKING OVERCOMES GOLD’S SAFE HAVEN APPEAL

Precious Metals are trading lower in morning trading after yesterday’s increase. After a Malaysian Airlines flight was reportedly shot down near the tense Ukraine-Russia border yesterday, the Gold price reacted as a safe haven investment normally would. Quantitative Commodity Research’s Peter Fertig said, “There was a spike higher in Precious Metals yesterday but investors do not expect a lasting impact from the situation in Ukraine.” Similarly, UBS said in a note, “Both the Ukraine and Iraqi crises have encouraged Gold buying this year, but the impact has been inconsistent and moderate.”

U.S. stock futures are pointing toward a flat open. Safe haven stocks continue to benefit from yesterday’s airline situation. Nicholas Colas, chief market strategist at ConvergEx Group, said, “Given the events of today and the global equity market’s negative reaction, it is a good time to both assess the details of today’s action and review current market conditions.”

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

  • Gold, $1,310.30, Down $7.60.
  • Silver, $20.94, Down $0.20.
  • Platinum, $1,501.10, Down $3.60.
  • Palladium, $882.90, Down $3.30.
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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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