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Closing Gold & Silver Market Report – 5/14/2014


Precious Metals continued their climb through afternoon trading with Gold topping $1,300 per ounce and Silver at its highest in the past month. News that London Silver Market Fixing Ltd. will no longer publish the London Silver Fixing prices beginning in August, and a report showing physical demand rose 13 percent to an all-time high in 2013, provided a big boost to Silver. Julian Phillips, founder of GoldForecaster.com, said the report “confirmed our expectations that total identifiable investment demand, which includes physical bar investment, coins and exchange traded funds (ETF) inventories, rose by 27% to a three-year high at 247.2 Million oz. last year.” A decline in U.S. equities and continued geopolitical tension in Ukraine strengthened Gold. 

U.S. stocks declined Wednesday, giving back recent gains that helped the Dow Jones Industrial Average and S&P 500 reach record highs.  While the recent movement up signaled a stronger economy, investors are still watching the numbers.  Sean McCarthy, regional chief investment officer for Wells Fargo Private Bank, said, “ We're going to give the market a chance here tomorrow with the data to get back on the winning streak and to new highs. So we'll be watching the cyclical numbers tomorrow, and want to see the spring rebound that (Federal Reserve Chair) Janet Yellen talked about.”

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,307.50, Up $10.70.
  • Silver, $19.83, Up $0.23.
  • Platinum, $1,483.70, Up $27.70.
  • Palladium, $829.30, Up $10.90.

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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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