Closing Gold & Silver Market Report – 6/2/2014
Peter LaTona
6/2/2014 4:37:00 PM
THE NEXT FOUR DAYS COULD ROCK UNEASY MARKETS
Gold and Silver prices remained locked in a tight range throughout the day with Gold slightly up and Silver slightly down. However, given their low correlation to the stock market, this could change soon as the U.S. equity markets could experience strong currents in the next four days. The U.S. market seems as if it is complacently floating along, moving up on calm waters. Although there is little volume and little volatility, there is a sense of foreboding just around the bend. Around the bend might happen this week. Today, we had a U.S. Manufacturing Report that for some reason had to be recalculated several times due to errors. Thursday will be a big day, as there could be potentially ground shaking news coming out of the European Central Bank. Friday brings us another round of non-farm payrolls. “This is a big week for the global capital markets,” said analysts at Brown Brothers Harriman, who called it the “potentially most significant week of 2014.” Investors are awaiting news that could potentially shake this market out of its complacency…and then what direction does it go?
In closing, both the Dow and S & P set new highs today. “Despite the new highs, the market’s been in a little bit of a consolidation phase and it’s searching for some kind of direction,” Keith Bliss, senior vice president at Cuttone & Co., said. “But unless we get dramatically poor data point, it’s going to be hard to crack this market to the downside.”
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,245.60, Down $2.40.
- Silver, $18.81, Up $0.07.
- Platinum, $1,439.30, Down $14.40.
- Palladium, $832.40, Down $4.00.
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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
