Mid-Day Gold & Silver Market Report – 8/4/2014
Ted Prince
8/4/2014 11:57:00 AM
GOLD LOWER ON EARLY STOCK RALLY
The Gold price is down slightly to open the week as global stocks surged following last week’s downturn. With geopolitical turmoil in place as the central factor keeping metals prices afloat, many investors continue to ponder the U.S. interest rate scenario. "Unless there is further serious unrest in any of the trouble spots in the world...we remain pretty much rangebound,” David Govett at brokers Marex Spectron, said.
An early rally has subsided among U.S. stocks as equities look to regain upward momentum following last week’s substantial drop. Last week, the S&P 500 realized its largest weekly loss in two years as investors weighed earnings statements. “There’s probably still more to do to burn out some of the excessive exuberance in the market,” Walter Todd, chief investment officer for Greenwood Capital Associates LLC, said. “There’s some uncertainty about where the ultimate bottom is in this correction. I wouldn’t be surprised to see us get to 1,900 at some point.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,288.70, Down $6.10.
- Silver, $20.25, Down $0.13.
- Platinum, $1,466.00, Up $2.70.
- Palladium, $857.00, Down $8.60.
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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
