Mid-Day Gold & Silver Market Report – 6/11/2014

Peter LaTona

6/11/2014 11:17:00 AM

RUSSIA’S WAR AGAINST DOLLAR WILL SUPPORT GOLD

Russia’s actions in the Ukraine, and the U.S.’s efforts to galvanize the West to impose economic sanctions on Russia, have widened the gap between the two countries. Russia understands these sanctions would hurt their economy and will take protective action. One action is the selling of U.S. Treasuries out of their central bank and replacing them with Gold. The view is that this will keep Russia in a stronger and more insulated economic position to counter the West.

The U.S. stock market is heading toward a triple digit decline, while Gold and Silver prices hover around neutral. The World Bank released a report that cut its global growth forecast from 3.2 percent to 2.8 percent, which is largely viewed as the reason stocks are retreating from yesterday’s all-time highs. “We are not totally out of the woods yet," World Bank senior vice president and chief economist Kaushik Basu said in a news release.

At 1:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,262.30, Up $0.20.
• Silver, $19.23, Up $0.01.
• Platinum, $1,482.40, Down $0.80.
• Palladium, $859.90, Up $5.40.

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