Closing Gold & Silver Market Report – 5/22/2014
Ted Prince
5/22/2014 4:39:00 PM
GOLD BOOSTED BY LACKLUSTER JOBS REPORT; PLATINUM/PALLADIUM CONTINUE RALLY
The Gold price is trading higher today following a disappointing jobs report. “Today’s data shows that the job market is struggling and rate hikes may be far away,” Chris Gaffney, the senior market strategist at EverBank Wealth Management, said. “‘There is some safe-haven buying.’’ Perhaps more notable is the recent gains realized by Platinum and Palladium. Holdings in exchange-traded funds for Platinum and Palladium reached record levels yesterday as Western sanctions on leading producer Russia and ongoing mining strikes in South Africa have crippled the supply lines for both secondary Precious Metals. Investors should note that global conditions for the extraction of Palladium have boosted the metal’s price by 16 percent year-to-date. Palladium is trading near its highest level in 33 months.
U.S. stocks are trading slightly higher for a second straight session as a weak jobs report is overshadowed by bullish comments by the Fed on Wednesday. "If we continue to get jobless claims numbers like we had today, and there is no inflation in employment costs, don't look for the Fed to raise short-term rates anytime soon," Mike Serio, regional chief investment officer at Wells Fargo Private Bank, said. Analysts believe the firming of monetary policy in the U.S. is an encouraging signal for equities compared with the extraordinary stimulus measures of recent years.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,296.10, Up $6.00.
- Silver, $19.54, Up $0.16.
- Platinum, $1,492.30, Up $17.40.
- Palladium, $836.60, Up $5.20.
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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
