Mid-Day Gold & Silver Market Report – 7/29/2014

Ryan Schwimmer

7/29/2014 12:14:08 PM

GEOPOLITICAL TENSION VS. TECHNICAL TRADING

Gold and Silver gave up early gains on technical trading and economic data news this morning. Speaking to short-term traders of Gold contracts, Standard Bank’s Walter de Wet said, “While the futures market is likely to drive the metal price only in the short term (with fundamental factors driving the price in the long run), it does indicate to us that, given the large speculative long position already present in these metals, their prices are likely to struggle to regain upward momentum.” Geopolitical turmoil is one factor that de Wet is not considering in his statement, however.

Those geopolitical issues are causing stocks to lose ground this morning. The European Union governments announced sanctions against Russia due to the country’s role in the crisis with the Ukraine. BTIG chief global strategist Dan Greenhaus said, “Investors are clearly hyper-sensitive right now to things happening in Europe and Russia, and whether it's worsening or not.”

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,300.30, Down $5.00.
• Silver, $20.58, Up $0.02.
• Platinum, $1,484.10, Down $6.50.
• Palladium, $879.90, Down $1.90.

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