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Mid-Day Gold & Silver Market Report – 3/7/2014


Precious Metals prices continue to trade lower through mid-day trading.  The release of Friday’s U.S. jobs report has pressured metals and has given the U.S. dollar a boost.   As investors take in Friday’s news and continue to monitor the ongoing situation in Ukraine, some analysts think this could just be the beginning of market movement yet to come.  VTB Capital analyst Andrey Kryuchenkov said, “In the short term, given the better-than-expected data, and provided nothing happens in Ukraine over the weekend, gold could fall below $1,330… We need another month or two of sustained better-than-expected jobs data out of the U.S., which I think we will have because the weather will also improve, to see gold pressured even lower.”

U.S. stocks fluctuate Friday as investors continue to monitor the deteriorating situation in the Ukraine.  One fund manager in particular, Chad Morganlander, of Stifel Nicolaus & Co. said, “There’s definitely concern about the Russia-Ukraine thunderstorm rolling back into the market. That in itself is causing some uncertainty among investors. The economy is continuing to gradually improve. We’ve had very good market performance over the last several weeks in spite of great uncertainty on the geopolitical front.” 

At 1:25 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,340.10, Down $13.70.
  • Silver, $20.96, Down $0.65.
  • Platinum, $1,485.50, Down $3.30.
  • Palladium, $781.40, Up $0.20.

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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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