Mid-Day Gold & Silver Market Report – 6/11/2014
Paul Stevens
6/11/2014 4:34:00 PM
METALS CONTINUE CLIMB ON WORLD BANK NEWS
Precious Metals continued to trade slightly higher through afternoon trading. Metals have been boosted and stocks around the world are pulling back after the World Bank’s announcement late Tuesday that it is cutting its global growth forecast for 2014. Art Hogan, chief market strategist at Wunderlich Securities in New York, said, “The World Bank cutting estimates for global GDP got everybody’s attention in an environment where people are looking for a reason to take stocks down a little bit.”
U.S. stocks declined at their largest rate in three weeks, halting a five day rally. Robert Pavlik, chief market strategist at Banyan Partners LLC in New York, said in a phone interview, “That negative movement is the World Bank adding pressure with concerns about growth. People are tentative with a market that’s trading near all-time highs with low growth prospects.”
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,262.70, Up $0.60.
- Silver, $19.25, Up $0.02.
- Platinum, $1,486.00, Up $2.80.
- Palladium, $861.00, Up $6.50.
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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
