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

GOLD SLIPS AS STRONG JOBLESS DATA OVERSHADOWS UKRAINE

U.S. unemployment figures dropped to their lowest level in seven years today, dragging Gold down following yesterday’s mild surge.  “Jobless claims dropping below 300,000 is a big deal and people are getting convinced that the economy is showing signs of recovery,” Phil Streible, a senior commodity broker at R.J. O’Brien & Associates, said.  However, signs of economic growth are failing to force Gold too low as ongoing geopolitical turmoil in Ukraine is helping buoy the yellow metal.  The Gold price will more than likely maintain a tug-of-war while concerns regarding unrest in Ukraine struggle against the forces of continued domestic economic growth. 

A second session of sell-offs among small-cap shares has forced U.S. stock indexes lower again today.  Today’s drop in the Dow Jones Industrial Average has pushed the index to its largest dip in one month.  Right now, traders and investors are being cautious.  Echoing sentiments expressed among Precious Metals speculators, Randy Bateman, chief investment officer of Huntington Asset Advisors, said “It’s just a slower growing period. Unless we see something that will really drive investor enthusiasm, it’ll be a trading-range market.”

At 1:01 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,298.40, Down $9.50.
  • Silver, $19.56, Down $0.27.
  • Platinum, $1,468.10, Down $17.60.
  • Palladium, $813.20, Down $16.60.

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Disclaimer:
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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