Morning Gold & Silver Marker Report – 5/29/2014

Peter LaTona

5/29/2014 8:40:00 AM

GOLD PRICES FALL TO 16-WEEK LOW – SILVER DIPS BELOW $19

An improving U.S. economy and a stronger U.S. dollar are pushing Gold and Silver prices lower. The U.S. dollar is at a three-month high compared to the euro. The expectation that the European Central Bank will soon take action to further devalue the euro, the dollar could get even stronger. “The sentiment towards gold will remain bearish as the economy has been doing better this quarter,” Mike Dragosits, senior commodity strategist at TD Securities, said.

According to John Hathaway, Senior Managing Director at Tocqueville Asset Management, now might be the time to buy Gold. “Typically the money is made when you buy something that is out of favor, and gold is certainly out of favor...what we have to look for is a different perception of macro events." John Hathaway, a portfolio manager at New York-based Tocqueville Gold Fund told CNBC. "It's very interesting and very opportune for investors to not write it off but to consider investing...we live in a world of substantially higher systematic risk than we had even five years ago during the financial crisis."

At 9:30 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,257.30, Down $4.40.
• Silver, $18.99, Down $0.14.
• Platinum, $1,454.70, Down $9.30.
• Palladium, $832.90, Down $7.50.

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