Closing Gold & Silver Market Report – 8/6/2014
Paul Stevens
8/6/2014 4:47:00 PM
GOLD HOLDS AS RUSSIAN FEARS MOUNT
Precious Metal prices continued to show strength through afternoon trading. As tensions between Ukraine and Russia escalate, investors are avoiding riskier assets and turning to Gold as a safe haven. Charlie Bilello, director of research at New York-based Pension Partners LLC, said in a phone interview, “Gold is getting the fear bid. Concern about a correction in the equity market is also bringing some people to Gold.”
As concern continues to mount over Russia’s decision to build up their troops along the Ukraine border, European investors are running from risk and causing European stocks to fall. When asked his opinion on the 20,000 additional Russian troops and its effect on the market, Charles Schwab managing director of trading and derivatives Randy Frederick said the situation “is certainly going to spook the market and we saw a little of that yesterday.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,306.90 Up $21.60
- Silver, $20.06 Up $0.22
- Platinum, $1,465.30 Up $9.40
- Palladium, $851.40 Up $2.00
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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
