Closing Gold & Silver Market Report – 6/10/2014
Ted Prince
6/10/2014 5:38:00 PM
GOLD LIFTED AS STOCKS HALT MULTI-SESSION RALLY
The Gold price was lifted today as stock indexes turned lower, with the metal trading above $1,260 per ounce for the first day in two weeks. There is little economic data to influence markets until Thursday’s release of unemployment data, but some experts predict a potential rebound for Gold and Silver due to recent technical activity. Gold-backed ETFs are currently oversold for the first time since June 2013. The last time this happened, Gold and Silver prices both moved up 1 percent the following session. With a lack of economic and geopolitical news to significantly raise or lower markets, technical indicators could cause electronic traders to force metals prices higher in the short-term.
Major equities indexes finished near even levels today as stocks recovered from morning lows that looked to block a fourth straight session of gains. “It shouldn’t be a shock to anyone that we’re seeing softness after a blistering recovery,” Chad Morganlander, a fund manager at Stifel Nicolaus & Co., said. “This is a temporary reprieve from a market that’s [been] seeing highs.” With the recent bullish equities activity, many analysts believe the rebound has come on far too strong over the last couple of weeks. Signs of a correction could send Precious Metals prices higher as the negative correlation between the two assets takes hold.
At 6:37 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,262.20, Up $0.10.
- Silver, $19.25, Up $0.02.
- Platinum, $1,481.00, Down $2.20.
- Palladium, $854.30, Down $0.30.
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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
