Closing Gold & Silver Market Report – 6/12/2014
Ted Prince
6/12/2014 4:05:00 PM
GOLD AND SILVER HIGHER ON IRAQI VIOLENCE; PLATINUM AND PALLADIUM PLUNGE
Geopolitical turmoil has resurfaced as a motivator for higher metals prices as violence in northern and central Iraq has shaken markets and increased the safe-haven demand for Gold. Islamist militants have struck against the newly formed Iraqi government causing fear that the U.S. military may be needed to assist the Shiite-led government against the rebels. “The collapse of democracy in Iraq and the risk of extremists being the dominant political force in the region is already making some commentators question how long the U.S. ‘hands-off’ policy will really be maintained,” Kit Juckes, global strategist at Societe Generale SA, said. Investors will continue to eye developments in the region as escalating violence and the potential for Western intervention could be further impetus for higher Gold and Silver prices.
Though Gold and Silver are realizing a modest boost from today’s geopolitical headlines, Platinum and Palladium are both drastically down today as news that an informal deal is on the table to end the long-running South African miner strike. A deal from three leading mining companies was put forth to the mine workers union that will hopefully re-establish Platinum and Palladium production in the nation which produces roughly 40 percent of the world’s supply. So far, Palladium has jumped 16 percent year-to-date as the strike has cost mining companies roughly $2 billion since its inception.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,275.30, Up $12.10.
- Silver, $19.58, Up $0.35.
- Platinum, $1,445.10, Down $37.00.
- Palladium, $821.90, Down $38.30.
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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
