Morning Gold & Silver Market Report – 7/21/2014

Ryan Schwimmer

7/21/2014 8:22:34 AM

PRECIOUS METALS RECOVER AMID GLOBAL TENSIONS

After Gold’s first weekly fall in the past seven weeks, Silver is leading the way of a Precious Metals rebound this morning. VTB Capital analyst Andrey Kryuchenkov said, “Today we are likely to remain in narrow range, with some buying coming in as traders watch the headlines on the geopolitical side.” However, macroeconomic conditions may reenter the fold later in the week, Kryuchenkov said.

U.S. stock futures appear spooked by situations in Gaza and Russia, as Wall Street looks to start lower. With few economic events or earnings reports due today, the weekend’s headlines of global tensions. Brenda Kelly, chief market strategist at IG, said, “We are seeing a push toward more defensive sectors [in Europe] and expect that to follow suit when U.S. markets open.”

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

• Gold, $1,316.60, Up $6.20.
• Silver, $21.04, Up $0.15.
• Platinum, $1,498.00, Up $7.40.
• Palladium, $885.10, Up $2.60.

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