Closing Gold & Silver Market Report – 6/16/2014

Ted Prince

6/16/2014 3:52:00 PM

GOLD FLAT; COULD IRAQI TURMOIL BOOST PRICE?

The Gold price remains flat to start the week but could see higher prices as heightened turbulence in Iraq could cause investors to seek asylum in the form of Precious Metals.   “Some people see the need for gold, as there has been a breakdown of international agreement in Ukraine and as the situation in Iraq worsened,” Jeffrey Christian, the managing director at CPM Group Inc., said.  Gold has remained range-bound over the last couple of weeks as trading is down over 25 percent and headlines have failed to oust the yellow metal from its current price pattern.  Geopolitical turmoil and an ongoing stock market surge continue to act as opposing forces, struggling to influence short-term Precious Metals prices. 

Following a week in which equities fell for the first week in one month, U.S. stocks are trading higher today.  “The market’s looking for a direction,” Stephen Carl, principal and head equity trader at Williams Capital Group LP, said. “The data wasn’t really robust. Some of it points to a more positive direction, but underlying, there’s still more to be proven. People are keeping an eye on Iraq and the broader geopolitical situation.”  Both stock investors and Gold bugs will eye geopolitical developments and economic data to gain insight into the short-term future of markets. 

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,274.10, Down $2.00.
• Silver, $19.72, Even.
• Platinum, $1,438.90, Up $1.90.
• Palladium, $810.40, Down $2.30.

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