Mid-Day Gold & Silver Market Report – 8/8/2014
Peter LaTona
8/8/2014 11:45:00 AM
GOLD WAVERS AS GOOD NEWS IN UKRAINE BALANCES AIRSTRIKES IN IRAQ
Gold and Silver have come off strong early morning rallies, while stocks are reacting favorably on news the U.S. would begin military strikes in Iraq. Since then, tensions appear to be easing in Ukraine and the U.S. involvement in Iraq may be less than first anticipated. "Iraq is a tragedy, but [President Barack Obama] made clear our engagement is going to be limited. While the markets always sell off immediately in the face of uncertainty, it doesn't take long to realize this airstrike against ISIS (Islamic State in Iraq and Syria) doesn't change the geopolitical picture in any significant way," J.P. Morgan Funds chief market strategist David Kelly said.
Unlike in Ukraine, tensions are not easing on the Gaza Strip. Israel launched airstrikes in response to Palestinian missile attacks after talks failed to extend a 72-hour truce. It was reported that Hamas fired 45 rockets Friday morning. Israel is not prepared to resume talks while under attack, despite pleas from Egyptian officials. Hamas’ decision to fire rockets is viewed as a clear indication they are in this for the long term. Among other demands, Hamas wants Israel to lift the blockade of the Gaza Strip, which Israel refuses to do out of fear Hamas will restock weapons.
At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,312.60 Up $0.10
- Silver, $19.99 Down $0.02
- Platinum, $1,478.90 Down $2.60
- Palladium, $861.50 Up $4.40
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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
