Mid-Day Gold & Silver Market Report – 4/8/2014
4/8/2014 12:04:00 PM
PRECIOUS METALS HOLD ON TO MORNING GAINS – EQUITY MARKETS REBOUND
Gold and Silver prices continue to be lifted on the ongoing events occurring in the Ukraine. Oil prices have found strong support and could be poised for a break out. Crude oil has recently consolidated above the psychological barrier of $100 per barrel, which is why technicians are looking for continued movement upward. As the Gold to oil ratio is typically considered to be 16 to 1, this could point to an additional upside for Gold.
U.S. stocks dipped 65 points before climbing back into positive territory today. Investors are awaiting the forthcoming first quarter earnings reports with great anticipation and uncertainty. “We're waiting for earnings to begin in earnest next week; it not only gives you a snapshot of what individual companies are doing, but you can also piece together what the economy at large is doing as the different industries report," Kim Forrest, senior equity analyst at Fort Pitt Capital, said. The unofficial start of the first quarter earnings season begins after close on Tuesday. Of course, investors are also keeping a close eye as events evolve in Ukraine.
At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,312.10, Up $11.80.
- Silver, $20.12, Up $0.17.
- Platinum, $1,442.40, Up $14.60.
- Palladium, $776.80, Up $8.10.
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