Morning Gold & Silver Market Report – 6/9/2014

Ryan Schwimmer

6/9/2014 8:02:10 AM

EUROPEAN EASING SEEN AS POSITIVE FOR GOLD

Precious Metals prices are mostly higher in early-morning trade. With the caveat that U.S. monetary policy could tighten further, Societe Generale analyst Robin Bhar said, “We are above the $1,250 [per ounce] level based on last week's news dataflow. Clearly, the [European Central Bank] easing for the moment is seen as positive.”

With stocks constantly hitting record highs, some might be surprised to hear when most of the year’s gains occurred. IG market analyst Chris Beauchamp said in a note, “The remarkable fact is that around a quarter of the S&P [500’s] gains for the year so far were made in the past week. While this might be a damning repudiation of the ‘sell in May’ theory, for 2014 at least, the fact is that rallies need fresh news to sustain them, and aside from retail sales later this week, that news is worryingly absent.”

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

• Gold, $1,256.60, Up $2.10.
• Silver, $19.17, Up $0.12.
• Platinum, $1,452.50, Down $1.50.
• Palladium, $843.80, Down $0.50.

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