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Weekly Gold & Silver Market Recap – 6/27/2014

The Gold price experienced a week of modest gains following last week’s dramatic turn upward.  In general, the yellow metal experienced very little price movement as positive economic indicators continue their tug-of-war with geopolitical tensions over which force will most heavily impact Precious Metals prices.  Perhaps more notably, Silver has realized double-digit percentage gains this month while Gold is up six percent.  U.S. stocks struggled this week with three sessions of losses as investors considered the possibility of higher interest rates and tensions in Iraq caused hesitancy among equities investors.  As the traditionally low-volume summer months continue, technical indicators, domestic economic data and international crises will be closely watched to see the trajectory of markets in the coming months. 

Gold has been doing well as of late, but somewhat unnoticed, Silver is actually doing better than Gold. In some analysts’ views, Silver has not topped out yet.  “The real value of Silver is far from being realized,” Andrew Chanin, chief executive officer of PureFunds, said. Silver’s price point would indicate that Silver supply is more readily available than Gold, but this might not actually be the case. Silver also stands to benefit more in an improving economy. Generally, 57 percent of yearly Silver demand is industrial. If investment demand continues to increase in conjunction with industrial demand, it could put a squeeze on Silver supplies.

According to legendary technical analyst, John Bollinger, Gold is set to see an increase despite recent highs. Bollinger is the inventor of the “Bollinger bands,” which is a popular tool for technical analysis. The price of an asset is considered high if on the upper band and low if on the lower band. Physical Gold is on the lower band and, according to Bollinger, recent price gains are just the beginning. “If you look at the chart you can see we’ve just finished a really long decline,” Bollinger said. “It started in April of 2011 and really ended in May of last year. That sort of epic ‘backing and forthing’… has existed since then. We call this building a base…There’s a lot of bullishness building up.”

The Gold price was flat to end Tuesday’s session, even as upbeat housing data showed sales peaking at their highest level in six years.  Robust U.S. housing figures are considered an accurate representation of the strength of the U.S. economy.  Typically, such news could weigh on Precious Metals prices, but ongoing anxiety regarding an escalating conflict in Iraq has helped buoy Gold and Silver.  As militant insurgents encroach upon Baghdad, the U.S.-backed Iraqi regime has agreed to adopt a new government by July 1 in exchange for assistance against the rebel forces.

U.S. stocks were down during several sessions this week as a prolonged rally gave way to profit-taking amid concerns about developments in Iraq.  “You’re sitting up at all-time highs and you do have a geopolitical situation remaining out there that’s weighing on the market,” Bill Stone, chief investment strategist at PNC Wealth Management, said.  “We got on balance in the U.S. with some good economic numbers. It continues to tell the story of a snap back in second quarter GDP.”

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

  • Gold, $1,319.20, Up $0.20.
  • Silver, $21.02, Down $0.14.
  • Platinum, $1,481.10, Up $8.80.
  • Palladium, $841.90, Up $6.10.

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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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