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

Ted Prince

5/5/2014 4:03:00 PM

GOLD BOOSTED ON GEOPOLITICAL TURMOIL

The Gold price is higher today as violence between Ukraine and pro-Russian separatists has pushed investors to the perceived safe-haven of Precious Metals.  “Civil unrest in Ukraine has everyone nervous about the integrity of the May 25 elections and the stability of the region,” Steven Scacalossi, head of global-metal sales at TD Securities, said.  Though Gold has risen slightly from last year’s slump, which saw the yellow metal fall more than 20 percent, the price remains range-bound as geopolitical turmoil and domestic economic improvement struggle to move the metal in a definite direction.  Traders and investors alike continue to eye developments in Ukraine as well as forthcoming economic data to structure their portfolios in the coming weeks and months. 

U.S. stocks are up today as indexes attempt to breach all-time highs reached last week.  Today, the crisis in Ukraine and sluggish growth in China were offset by strong expansion in American service industries.  “We continue to remain choppy, going back and forth,” Joseph Tanious, a global market strategist at JPMorgan Asset Management, said. “The market is having a bit of identity crisis right now, searching for a direction. We are seeing opposing forces in the market.”

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

• Gold, $1,312.30, Up $7.40.
• Silver, $19.68, Up $0.08.
• Platinum, $1,451.70, Up $11.00.
• Palladium, $818.00, Up $4.60.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.