Mid-Day Gold & Silver Market Report – 6/12/2014

Peter LaTona

6/12/2014 11:57:00 AM

METALS CLIMB ON RISING OIL PRICES, DECLINING RETAIL SALES, POOR JOBS REPORT

News that has boosted Gold and Silver prices has predictably soured early morning stock gains, and markets are once again in the red. May retail sales numbers did not meet expectations and the jobs report unexpectedly went up. A Sunni militant uprising in Iraq has driven Brent oil futures above $110 a barrel. In gauging "retail sales or the offshoot of what is going on in Iraq, which is sending energy prices higher, I'd say the latter" is having more of an impact on equities, Wunderlich Securities chief market strategist Art Hogan said.

People often speculate that Gold prices will go up, but when Jeffrey Gundlach, CEO of the $49 billion DoubleLine Capital, says Gold could hit $1,500 per ounce by year’s end, it gets attention. In a recent presentation, Gundlach noted the U.S. dollar has lost 96 percent of its purchasing power since the Federal Reserve Bank was established a century ago. He also drew parallels between the end of the Gold standard to the Silver debasement implemented by the Roman Empire between 64 and 270 AD. It was during a question and answer period that he expressed his opinion that Gold could hit $1,500 per ounce this year.

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

• Gold, $1,275.00, Up $11.80.
• Silver, $19.55, Up $0.32.
• Platinum, $1,441.50, Down $40.80.
• Palladium, $818.80, Down $41.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.