Morning Gold & Silver Market Report – 5/21/2014
Ryan Schwimmer
5/21/2014 8:11:32 AM
SOUTH AFRICAN STRIKE BOOSTS PLATINUM, PALLADIUM
Gold and Silver are relatively flat in morning trading, while Platinum and Palladium continue to gain on the South African strike. While the Gold price is “struggling for direction,” according to Mitsubishi analyst Jonathan Butler, the strike at a Platinum mine in South Africa is just one of a few reasons for Platinum and Palladium’s gain. Butler said, “For palladium, it is the perfect storm of conditions. It's the South African supply side, which in our estimate cost 600,000 ounces of lost palladium since the start of the strike, [the geopolitical situation in] Russia, and also the investment demand story.”
U.S. stock futures are pointing towards a slightly higher open for Wall Street. A number of Federal Reserve officials will speak today, followed by the minutes of the latest Fed meeting at 2 p.m. (ET). Analysts will look for more clues as to the Fed’s reasoning behind continuing the tapering of its quantitative easing program from its April 30 meeting.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,291.30, Down $5.40.
- Silver, $19.38, Down $0.07.
- Platinum, $1,476.50, Up $7.60.
- Palladium, $828.50, Up $1.60.
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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
