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Mid-Day Gold & Silver Market Report – 4/28/2014


Gold prices pulled back and are once again under $1,300 per ounce. Gold’s drop is “due to an orchestra of events,” Adam Koos, president and portfolio manager at Libertas Wealth Management Group, said. The first event being that the positive merger and acquisition news added confidence to the equity markets. As fear moves away from the market more money moves to stocks. The second being the announcement of new U.S. sanctions against Russia and the expectation that this could cool tensions in Ukraine. A third is the shutdown of merger talks between Newmont Mining and Barrick Gold, which was viewed as a potential positive for Gold prices.

Stocks were off to the races in early morning trading climbing into triple digit territory. Stock prices have since retreated sharply, but remain up for the day. According to Mohamed El-Erian, former CEO of Pimco, the bond market has figured out what the stock market has not and this could lead to a rude awakening for stocks. The Federal Reserve, while committed to supporting asset prices, is now also “targeting different things”.  “We are in a transition [at the Fed] from a regime that was tool-based to a regime that is objective-based," he said. "We were told exactly what they were going to do. Now what we're going to do … is conditional on outcomes. That increases uncertainty."

At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,298.0, Down $4.80.
  • Silver, $19.63, Down $0.13.
  • Platinum, $1,419.60, Down $4.70.
  • Palladium, $801.70, Down $10.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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