Mid-Day Gold & Silver Market Report – 6/6/2014

Peter LaTona

6/6/2014 11:53:00 AM

GOLD, SILVER HOLD AS STOCKS CONTINUE RECORD RISE 

This morning’s positive job growth announcement has stocks soaring to new highs.  Gold and Silver, which often act with more skepticism to such news, are down just slightly.  "Investors are getting a little more confident that the U.S. economy will recover from that sluggish first quarter. But it's still not enough to propel the labor market from its slow, steady uptrend," Chris Gaffney, senior market strategist at EverBank Wealth management, said. TD Ameritrade chief strategist JJ Kinahan said the report "continues a positive trend of government numbers that we've seen so far, and is similar is many we've seen over the last six months — good, not great."

Although stocks are climbing to all-time highs, the market is doing such on low volumes. A report recently published by the Financial Analyst Journal shows that all investors, whether they be individuals or institutions, are allocating the lowest percentage of their portfolio to stocks than they have in over half a century. To some measure, this can be attributed to the growth of the fourth asset class of Alternatives of which both Gold and Silver belong.

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,253.90, Down $1.40.
• Silver, $19.03, Down $0.11.
• Platinum, $1,453.80, Up $7.70.
• Palladium, $844.40, Up $5.00.

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