Morning Gold & Silver Market Report – 5/30/2014

Ryan Schwimmer

5/30/2014 8:14:09 AM

ANALYSTS: STOCKS IN FOR ‘NASTY CORRECTION’

The Gold price is steady in early morning trading and is headed for a three percent weekly loss. Peter Fertig of Quantitative Commodity Research said, “The move into riskier assets like equities, which have performed well, is weighing on Gold. Furthermore, the market is not as worried about Ukraine as it has been in March and April. That's reducing support from that side for Gold.”

U.S. stock futures are mostly flat, but some firms and analysts are predicting turbulent times ahead. Bank of America Merrill Lynch analysts said, “At some point the capitulation into Treasurys will be completed and thereafter bond volatility (and thus equity volatility) will become increasingly vulnerable to events that question the assumption of [zero interest-rate policy] to infinity. We stick with the view that a summer melt-up would likely be followed by a nasty correction in the autumn.”

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

• Gold, $1,256.40, Down $2.70.
• Silver, $19.10, Up $0.03.
• Platinum, $1,467.20, Up $6.10.
• Palladium, $836.00, Up $1.50.

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