Mid-Day Gold & Silver Market Report – 8/13/2014
Ted Prince
8/13/2014 12:03:00 PM
GOLD STILL EVEN AS ECONOMIC AND GEOPOLITICAL NEWS JOUST
The Gold price remains flat for the third straight session. A rise in U.S. equities is weighing on Precious Metals though geopolitical concerns continue to lend a hand in buoying Gold and Silver. Investors and traders are awaiting U.S. retail sales data and news from the Federal Reserve regarding domestic monetary policy and the future of interest rates. With the cease fire in the Gaza strip ending today and the situation heating up in Iraq and Ukraine, Gold bugs and stock investors will be intently focused on developments in geopolitical hot zones for signs of short-term price movement.
A dip in U.S. retail sales paradoxically caused a rise in stock indexes as investors believe the news will not influence the Federal Reserve to raise interest rates sooner than expected. “There is some feeling that events overseas are beginning to cool down a little bit but also the retail numbers might suggest that the Fed is not going to be so aggressive in raising rates any time soon,” Bruce Bittles, chief investment strategist at RW Baird & Co., said. “That has been the backbone of the market for the past five years.” Still looming is the fear of a significant stock market correction that could force Gold to break out of its current price pattern and into bullish territory.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.40, Up $3.90.
- Silver, $20.06, Up $0.12.
- Platinum, $1,474.30, Up $2.10.
- Palladium, $881.70, Up $2.70.
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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
