Morning Gold & Silver Market Report – 8/5/2014

Paul Stevens

8/5/2014 8:12:00 AM

METALS FLAT AS INVESTORS AWAIT DIRECTION

Precious Metals prices are trading relatively flat through early morning trading.  Although geopolitical tensions are continuing to rise in the Middle East and other parts of the world,  investors are returning to stocks a week after a big dip in major indexes.  David Govett of Marex Spectrum said, “Psychologically, we are still below $1,300 and unless there is further serious unrest in any of the trouble spots in the world, I don’t believe there is a great deal of mileage on the upside.”

Disappointing economic data out of China released Tuesday provided a small boost to Gold Prices.  The service sector slowed at a rapid pace in July and reached near its lowest level in almost nine years, which hurt Asian stocks and boosted Gold.  Saxo Bank senior manager Ole Hansen said, “On the upside, $1,305 is the next level to watch, but in terms of economic data we don't have much this week apart from the ECB (European Central Bank) on Thursday, which is expected to deliver a dovish message.”

At 9:12 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,288.50, Down $0.50.
• Silver, $20.01, Down $0.24.
• Platinum, $1,456.30, Down $10.30.
• Palladium, $844.90, Down $11.20.

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