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Mid-Day Gold & Silver Market Report – 6/30/2014

GOLD & SILVER HEADED FOR GAINS IN TWO STRAIGHT QUARTERS

Gold and Silver prices have been steady throughout the morning near two months highs. As we close the end of the second quarter, both Gold and Silver will show two positive quarters in a row to begin 2014. The U.S. dollar is still under pressure and should remain so ahead of a week with several important reports to be released. The two big ones are the U.S. jobs data and the European Central Bank (ECB) meeting later in the week. Will the ECB announce plans for additional monetary stimulus? Meanwhile, tensions in Ukraine and Iraq continue to support Gold prices.

Pending contracts on previously owned homes hit an eight month high in May. Although this is an indication that the U.S. housing market may be pulling out of a rough patch, this new data has not impacted equity markets. "The housing market is likely to continue recovering lost ground following its weather-induced stumble earlier this year," Gennadiy Goldberg, an economist at TD Securities in New York, said. "We look for the stronger pending home sales report to help put fears of 'flattening' housing market momentum to rest in the near-term."

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

  • Gold, $1,321.10, Down $0.90.
  • Silver, $20.96, Down $0.18.
  • Platinum, $1,483.50, Up $2.20.
  • Palladium, $842.80, Down $0.10.

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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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