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Mid-Day Gold & Silver Market Report – 3/31/2014


Speaking in Chicago today, Federal Chairwoman Janet Yellen said, the “labor conditions are tougher than in other recessions.” She added the Fed's "extraordinary commitment, [in the form of massive bond-buying and ultra-low interest rates], is still needed, and will be for some time." In a prior speech given by Yellen, investors read indications that she was considering earlier than expected interest rates hike. Today’s speech has tempered that thought. Gold and Silver prices first retreated on the news of this, but have since rebounded. However, the U.S. dollar and bonds have gone down while the stock market is holding on to initial gains.

A stronger euro is responsible for the decline in the U.S. dollar. One week ago, the euro was at its lowest in a month compared to the U.S. dollar, but as deflationary concerns have abated, the euro has recovered nicely. The European Central Bank meets this week and again faces the question of whether to further support the economy by weakening the currency. Peter Kinsella, currency strategist with Commerzbank, commented, "They have been verbally intervening to talk the euro down from the highs near $1.40, and the question is whether they are ready to back that up with concrete action. Probably they are not ready to do so yet." Investors expecting the ECB to pump more money into the economy might be in for a disappointment.

At 1:10 p.m. (ET), the APMEX Precious Metals spot prices were:

· Gold, $1,287.20, Down $8.60.

· Silver, $19.80, Down $0.03.

· Platinum, $1,420.50, Up $13.80.

· Palladium, $777.50, Up $3.80

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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