Morning Gold & Silver Market Report – 6/11/2014

Ryan Schwimmer

6/11/2014 8:03:00 AM

PALLADIUM HITS 3-1/2 YEAR HIGH

Precious Metals prices are moderately higher in early-morning trade. Palladium hit a fresh 3-1/2 year high thanks to the ongoing mine strike in South Africa. MKS SA senior vice president Bernard Sin said, “Palladium touched new highs yesterday but holders of long positions are now being cautious because these are at very high levels and there is not much room to increase exposure and there is a downside risk should the strike end.” The strike does not seem to be ending soon, with the mining company saying they have nothing more to offer to resolve the pay dispute.

The World Bank released a statement saying that the conflict between Russia and Ukraine, along with the harsh winter in the United States, will cut into global growth. Peter Cardillo, chief market economist at Rockwell Global Capital, said, “The warning from the World Bank is basically weighing this morning. Today investors have an excuse to send the indices lower in the premarket and probably accelerate when the market opens.” In premarket trade to this point, stocks are lower as investors take profits on record-high levels.

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

• Gold, $1,265.30, Up $3.20.
• Silver, $19.32, Up $0.10.
• Platinum, $1,485.20, Up $2.00.
• Palladium, $857.10, Up $2.60.

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