Closing Gold & Silver Market Report – 8/5/2014
Ted Prince
8/5/2014 4:20:00 PM
GOLD BACK TO EVEN AS STOCK SELLOFF BOOSTS DEMAND
The Gold price has rebounded from morning lows as a dip in bond yields pushed the dollar lower and a broad selloff of equities increased demand for bullion. Though the yellow metal has benefited primarily from the presence of geopolitical turmoil in Ukraine and the Middle East during 2014, economic motivators will ultimately need to facilitate the advance of higher Precious Metals prices. "We suspect that while political outbreaks provide the occasional jolt, it is the economic crises that seem to have more long-lasting impact,” INTL FCStone analyst Edward Meir, said. Strong U.S. economic data has been jousting with safe-haven demand gained from crises abroad to keep Gold and Silver range-bound for most of the year.
U.S. stocks fell again on Tuesday as escalating concern over tensions in Ukraine forced equities to erase gains made from yesterday’s rebound. Anxiety surrounding the possibility of a Russian invasion of Ukraine sent many high-frequency traders to the sidelines and exacerbated the selloff of stocks as the S&P 500 dipped below last week’s closing level. As problems mount overseas, U.S. investors will continue to eye military developments, comments from U.S. Fed officials and upcoming market activity to determine how to structure their portfolios in the coming weeks and months.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,289.60 Up $0.70
- Silver, $19.79 Down $0.45
- Platinum, $1,455.30 Down $11.30
- Palladium, $847.00 Down $9.10
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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
