Morning Gold & Silver Market Report – 8/14/2014

Ryan Schwimmer

8/14/2014 8:11:13 AM

JOBLESS CLAIMS BOOST GOLD

Gold and Silver prices increased slightly after this morning’s release of the weekly jobless claims report, which showed a higher-than-expected increase to 311,000 (a six-week high) for last week. The Gold price, in the face of many normally-supportive factors, has struggled to break out of a tight range. Societe Generale analyst Robin Bhar explained, “Geopolitics, a weaker dollar and softer economic data are all supportive but prices are not able to break consistently out on the upside, with $1,316-$1,320 [per ounce] proving a very stiff barrier that we have tested a few times in the past month or so.”

All three major U.S. stock indexes gave up some gains after the jobless claims report was released, and Michael Sincere of MarketWatch.com pointed out four signs that the bull market is on its last legs. Rallies fizzle quickly, the market breaks key technical levels, major price divergences are indicated, and sentiment reflects complacency. Sincere also states that the market doesn’t go down in a straight line, so the end of the bull market could extend over weeks or months.

At 9:07 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,315.20, Up $0.70.
• Silver, $19.90, Up $0.03.
• Platinum, $1,470.10, Up $0.20.
• Palladium, $883.00, Up $0.50.

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