Morning Gold & Silver Market Report – 7/8/2014

Paul Stevens

7/8/2014 8:17:00 AM

METALS UP AS POSSIBLE WAR LOOMS

Precious Metals prices are trading higher through early morning trading.  Although a recent rise in equities provided pressure to metals the last few days, investors are beginning to turn their attention to alternative assets such as Gold.  Marex Spectron’s manager of precious metals David Govett said, “I still feel that the market has done enough on the upside for the time being, although having said that, the downside is fairly limited.  I think we have now well and truly entered the summer doldrums and wouldn’t hold out a lot of hope for fireworks in the near future.”

A new situation in Israel may provide even more geopolitical strain to an already sensitive situation in the region.  After a surge of rockets being fired at Israeli towns by Islamist Hamas, Israeli military action has picked up with the intense bombing of the Gaza Strip.  In a statement Defense Minister Moshe Yaalon said, “We will not tolerate missiles being fired at Israeli towns and we are prepared to extend the operations with all means at our disposal in order to keep hitting Hamas.”  An Israeli leader was quoted by a source from Prime Minister Benjamin Netanyahu’s office to state that, “The IDF (Israel Defense Forces) must be ready to go all the way. All options are on the table, including a ground invasion.”

At 9:15 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,325.60, Up $6.60.
• Silver, $21.16, Up $0.15.
• Platinum, $1,504.80, Up $8.20.
• Palladium, $873.10, Up $4.20.

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.