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Weekly Gold & Silver Market Recap – 6/13/2014

Gold and Silver prices experienced little change this week as low trading volume and a lack of economic headlines failed to influence markets.  Thursday saw the week’s only notable price movement as safe-haven demand pushed the Gold and Silver higher on fears surrounding unrest in northern and central Iraq.  Geopolitical turmoil has been the sole motivator of higher prices for the yellow metal in 2014.  Perhaps more notably, Platinum and Palladium realized significant price drops on Thursday as rumors of an agreement between mining companies and union representatives is on the table.  Though Platinum and Palladium get less exposure than Gold and Silver, many investors are taking notice of recent price volatility and gains made by Palladium which are over 15 percent year-to-date. 

Geopolitical turmoil resurfaced as a motivator for higher metals prices as violence in northern and central Iraq shook markets and increased the safe-haven demand for Gold.  News that Islamist militants struck against the newly formed Iraqi government is causing fear that the U.S. military could be called on to assist the Shiite-led government against the rebels.  “The collapse of democracy in Iraq and the risk of extremists being the dominant political force in the region is already making some commentators question how long the U.S. ‘hands-off’ policy will really be maintained,” Kit Juckes, global strategist at Societe Generale SA, said.  Investors will continue to eye developments in the region as escalating violence and the potential for Western intervention could be further impetus for higher Gold and Silver prices. 

Though Gold and Silver realized a modest boost from geopolitical headlines, Platinum and Palladium were both drastically down Thursday as news that an informal deal is on the table to end the long-running South African miner strike.  A deal from three leading mining companies was put forth to the mine workers union that will hopefully re-establish Platinum and Palladium production in the nation which produces roughly 40 percent of the world’s supply.  So far, Palladium has jumped over 15 percent year-to-date as the strike has cost mining companies roughly $2 billion since its inception. 

The U.S. stock market realized a triple digit decline on Wednesday, while Gold and Silver prices hovered around neutral. The World Bank released a report that cut its global growth forecast from 3.2 percent to 2.8 percent, which is largely viewed as the reason stocks are retreating from yesterday’s all-time highs. “We are not totally out of the woods yet," World Bank senior vice president and chief economist Kaushik Basu said in a news release.  Some analysts are still forecasting a substantial stock market correction that could reverse the extraordinary rally equities have been experiencing over the last year and a half.  Lower stocks have historically meant higher prices for Gold and Silver. 

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

  • Gold, $1,278.90, Up $2.90.
  • Silver, $19.74, Up $0.15.
  • Platinum, $1,436.60, Down $6.70.
  • Palladium, $813.60, Down $5.80.

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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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