Mid-Day Gold & Silver Market Report – 6/13/2014
Peter LaTona
6/13/2014 10:46:00 AM
CRAMER: SOMETHING UNEXPECTED MIGHT BE IMMINENT
Gold and Silver prices are showing little movement in morning trading. All of this could change according to CNBC analyst Jim Cramer. Cramer has expressed concerns about the sustainability of the U.S. stock market at record highs for a while. Now he says that it may be time to act. He is very concerned about the sudden developments in Iraq where militants are seizing control of major cities. "So what will it be? Airstrikes? Drones? Soldiers? Boots back on the ground in Iraq? That's uncertainty writ large. And if the market hates anything it's uncertainty," Cramer said. “Wall Street knows all too well that not one, but two bear markets were brought on by Iraq," Cramer added. "Saddam's invasion of Kuwait in 1990 and our 2003 invasion of Iraq itself caused tremendous weakness in markets." Cramer feels it is time to take profits off the table and if you are already into cash, stay there.
Gold historically has a high correlation to oil and oil prices are on the move. Oil is at a nine-month high over concerns about events unfolding in Iraq. “Basically, prices rose as the markets reacted to the Iraqi news, but kept relatively calm on the realization that as of yet, Iraqi oil supplies are not at risk,” Matt Parry, senior oil analyst at the International Energy Agency in Paris, said. “Production in the north of the country, amounting to around 250,000 barrels a day, had already been off-line since March, hence the latest news is likely to delay the potential return date for this crude.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,276.90, Up $0.90.
- Silver, $19.71, Up $0.12.
- Platinum, $1,439.80, Down $3.50.
- Palladium, $814.50, Down $4.70.
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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
