Morning Gold & Silver Market Report –6/23/2014
Peter LaTona
6/23/2014 8:28:00 AM
GOLD, SILVER PRICES CONSOLIDATE BELOW TWO MONTH HIGHS
Better than expected news out of China and worse than expected news out of Europe are balancing each other out, while the Iraq crisis continues to provide support for Gold. Sunni tribes took control of a border crossing between Iraq and Jordan late Sunday night. By all accounts, this situation is only expected to intensify. Gold prices are expected to settle after strong upward movement last week. It should be noted that demand has been fueled by hedge funds and money managers as they increased bullish bets in the futures markets last week. Physical demand in 2014 has generally been weak.
European stocks are down this morning after a report that eurozone business activity has slowed and the U.K. housing shares may also be slowed by upcoming changes to mortgage rules. There are reports that the Bank of England will enact measures to cool down the booming housing market. Investors in the U.S. will be closely following the housing market. Existing home sales data comes out today, followed by new home sales data Tuesday. Most analysts are expecting numbers to maintain or dip slightly.
At 9:30 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,318.30, Down $0.40.
- Silver, $20.94, Down $0.07.
- Platinum, $1,450.70, Down $8.60.
- Palladium, $816.10, Down $16.30.
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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
