Morning Gold & Silver Market Report – 5/28/2014

Peter LaTona

5/28/2014 8:15:00 AM

GOLD, SILVER STABILIZE AFTER SHARP DECLINE

Precious Metal prices remain near yesterday’s close, though upcoming news could eventually affect the movement of Gold and Silver. China is actively approaching major foreign banks and Gold producers to participate in a global Gold exchange. The Shanghai Gold Exchange (SGE) will directly compete with exchanges in New York and London at a time when the current exchanges are under scrutiny for their price-setting process. China is the world’s largest producer and importer of Gold, so this move is viewed as China seeking greater influence of how prices are set.

Gold’s failure to bounce back from Tuesday’s lows can be attributed to lack of news and to seasonality. Dow Theory Letters editor Richard Russell said, “Gold has the tendency to decline in these months [May and June] while bottoming in July. If Gold does not decline appreciably between now and July, I will consider it bullish for the metal.”

At 9:05 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,267.10, Down $0.60.
• Silver, $19.15, Up $0.03.
• Platinum, $1,457.90, Down $5.40.
• Palladium, $838.50, Up $6.80.

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.