Mid-Day Gold & Silver Market Report – 7/21/2014
Brandi Brundidge
7/21/2014 12:43:00 PM
GOLD RISES DURING UNCERTAINTY; U.K. EXPECTED TO IMPOSE SANCTIONS ON RUSSIA
The Gold price continues to climb as geopolitical tensions grow over the controversial Malaysia Airlines jet that was supposedly shot down last week by Ukrainian rebels. U.S. Secretary of State John Kerry confirmed yesterday there is strong evidence suggesting Russia provided the missile that Ukrainian rebels used to shoot down the jet. The safe haven appeal of Gold has been supported by concerns between Ukraine and the Middle East, which has sparked a 9.4 percent gain for the yellow metal this year. “Escalation of sanctions on Russia and more geopolitical problems in Gaza are keeping Gold supported,” George Gero, a vice president and Precious Metals strategist at RBC Capital Markets in New York, said in a telephone interview. “There are enough fundamentals to keep prices over $1,300 [per ounce] for some time.”
Russian stocks remain down with a two percent drop today following a six day loss. According to the British newspaper The Guardian, U.K. Prime Minister David Cameron is anticipated to speak with European leaders today to enforce sanctions against the Russian oil, banking and defense industries if the government decides to carry on their involvement supplying weapons to Ukrainian rebels. Irritation is rising internationally as investigators are unable to reach the Malaysian Airlines crash site due to the accused Kremlin not allowing experts near the area.
At 1:42.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.30, Up $3.90.
- Silver, $21.00, Up $0.12.
- Platinum, $1,493.40, Up $2.50.
- Palladium, $877.60, Down $4.90.
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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
