Morning Gold & Silver Market Report – 7/22/2014

Paul Stevens

7/22/2014 8:24:19 AM

PRECIOUS METALS DOWN AHEAD OF DATA

Precious Metal prices are trading slightly lower through early morning trading.  As investors continue to monitor the fragile situations in Ukraine and Israel, many await with a watchful eye for the release of new U.S. economic data today. Macquarie analyst Matthew Turner said, “An increase in U.S. inflation in the past few months has brought this issue back to the forefront of Gold investors' concerns, despite — in fact partly because of — [Federal Reserve Chair Janet Yellen] dismissing it as 'noise'.”

U.S. stocks futures are gaining momentum this morning, signaling a rise for the S&P 500 Index.  This change in direction comes as investor concerns over the situation in Ukraine and possible deeper sanctions against Russia weighed on stocks.  Lorne Baring, managing director at B Capital SA in Geneva, said, “It’s a day-by-day encounter for markets, with every speech and communication from politicians giving us the direction for the day.”

At 9:23 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,314.70, Down $0.20.
• Silver, $21.03, Up $0.02.
• Platinum, $1,495.00, Up $0.60.
• Palladium, $875.00, Down $3.10.

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