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Mid-Day Gold & Silver Market Report – 5/6/2014


Gold is trading slightly down, while Silver, Platinum and Palladium are trading slightly up.  Stocks pulled back from record highs. "It's hard to be bearish, but it's difficult to be bullish at all-time highs; I'd probably be more inclined to put money on the down side rather than on new highs, at least for the next few weeks," Andrew Wilkinson, chief market analyst at Interactive Brokers, said. The CBOE Volatility Index, a measure of investor uncertainty, rose 2.3 percent. Also factoring in was a report that the U.S. economy shrank in the first quarter of 2014, which is the first time in three years.

If China’s long term Gold is the internationalization of the renminbi, it will require an increase of their Gold reserves. The Chinese government has not reported its Gold holding since 2009, but at that time they were the sixth largest holder of Gold. Although they were the sixth largest holder of Gold, it still represented less than 3 percent of their foreign reserve currency. In the West most countries own 50 percent or more with the U.S. at 70 percent. Of the nearly $4 trillion that China holds in its foreign exchange reserves, over $1 trillion (more than 25 percent) is in the U.S. dollar. One percent of $4 trillion is $40 billion dollars. For the Chinese to have just 10% of their foreign exchange reserves in Gold, it would require a purchase of $280 billion dollars’ worth of Gold.

At 2:49 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,309.60, Down $1.70.
  • Silver, $19.64, Up $0.02.
  • Platinum, $1,455.60, Up $7.20.
  • Palladium, $818.40, Up $0.10.
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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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