Morning Gold & Silver Market Report – 6/4/2014
Ryan Schwimmer
6/4/2014 8:00:00 AM
MARKETS WAIT FOR DIRECTION
Gold and Silver prices are slightly higher in early-morning trading, while stock futures pointed slightly lower. Stocks appear to be waiting for direction from tomorrow’s European Central Bank (ECB) announcement or Friday’s ADP nonfarm payrolls report. The eurozone’s central bank is expected to announce negative interest rates for the first time in its history. Valutrades analyst Joao Monteiro wrote, “…it’s likely that traders will want to sit on the sidelines until that ECB news is out of the way.”
Michael A. Gayed, chief investment strategist at Pension Partners, LLC., believes the Gold price is being held back mostly due to cash flow. Gayed states that large-cap equities are the only group making new highs, so “money refuses to position into anything but blue chips.” He also explained Gold’s lack of support from India, one of the world’s largest buyers of Gold. Gayed said, “If [Prime Minister Narendra] Modi is able to improve India's growth prospects, it seems plausible that at the margin, the demand for Gold would fall as Indians put capital to use in the economy instead of storing it in the form of Gold.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,249.10, Up $2.60.
- Silver, $18.89, Up $0.07.
- Platinum, $1,425.20, Down $9.30.
- Palladium, $834.10, Down $2.60.
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.
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
