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

Ted Prince

7/8/2014 3:55:00 PM

GOLD STAYS FLAT AS STOCKS CONTINUE SELLOFF; INVESTORS AWAIT FED MINUTES

The Gold price remains relatively flat end-of-day Tuesday as traders and investors lack motivations to take new positions until the release of the minutes from the Federal Reserve’s monthly policy meeting in June.  Though Fed Chairwoman Janet Yellen has voiced commitment to maintaining low interest rates for an extended period, certain Fed officials have stated a belief that rates will be increased by early 2015.  Initial indications of a rate hike caused Gold to slip last Thursday during the shortened holiday week.  Gold investors will likely remain sidelined until the June minutes are publicized and the outlook for Fed policy becomes clearer.

U.S. stocks fell significantly lower today as the lingering fear of a large market correction forced an ongoing selloff among equities.  “Many investors wonder if the ride is over,” Tobias Levkovich, chief U.S. equity strategist at Citigroup Inc., said. “As stock indices hit new highs, there are those that fear further gains, given defensive positioning, but more worry about buying in now just in time for a severe pullback.”  With benchmark indexes continually reaching new all-time highs, many investors believe a hefty pullback is merely a matter of time.  Traditionally, stock market corrections have caused surge in Precious Metals prices.

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

• Gold, $1,322.40, Up $3.40.
• Silver, $21.09, Up $0.08.
• Platinum, $1,500.80, Up $4.20.
• Palladium, $872.50, Up $3.60.

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