Mid-Day Gold & Silver Market Report – 6/19/2014

Peter LaTona

6/19/2014 11:59:00 AM

GOLD SOARS ABOVE $1,310 – SILVER APPROACHES $20.75

Gold and Silver are up drastically and have been rising ever since the press conference with Fed Chair Janet Yellen on Wednesday. Her comments clearly indicated that the Fed was comfortable with interest rates staying low for a long time to come. The day before, minutes released from the Bank of England’s last meeting indicated that they would raise interest rates in the U.K. this year. Either one of these announcements would drive the U.S. dollar lower and together they are effectively doing just that. Gold and Silver prices generally move up, as the U.S. dollar moves down.

Gold and Silver prices are also finding support from the conflicts happening in Iraq and the Ukraine. The recent events in Iraq have raised the question of whether the U.S. squandered tens of billions of dollars in Iraq and if we should spend more. If we did not spend all that money in Iraq, would we be printing money like we have the past several years? Government auditors say some $61 billion was spent on construction projects in Iraq from 2003 to 2012. At least 10 percent of the money cannot be accounted for and at least $8 billion was wasted. Of course this does not include the military costs and lives lost.

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

• Gold, $1,314.20, Up $39.60.
• Silver, $20.68, Up $0.85.
• Platinum, $1,475.80, Up $23.00.
• Palladium, $838.20, Up $15.60.

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.