Morning Gold & Silver Market Report – 6/12/2014
Ryan Schwimmer
6/12/2014 8:02:00 AM
PROFIT-TAKING DROPS PLATINUM, PALLADIUM
Gold and Silver prices are slightly higher in early-morning trading. UBS said in a note, “Gold remains nearly consistently negatively correlated with equity markets, and the (dollar index).” The industrial Precious Metals, Platinum and Palladium, fell victim to profit-taking after Palladium rallied to its highest level in 13-1/2 years. The five-month Platinum mine strike in South Africa still shows no signs of ending soon.
The weekly jobless claims report had little effect on Precious Metals prices. Though economists were expecting a drop to 310,000 new claims filed last week, the figure rose to 317,000. The four-week moving average, which strips out weekly volatility, showed an increase of 4,750 claims, coming off a seven-year low. Continuing claims increased by 11,000.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,267.30, Up $4.10.
- Silver, $19.31, Up $0.08.
- Platinum, $1,441.40, Down $40.70.
- Palladium, $831.00, Down $29.20.
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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
