Mid-Day Gold & Silver Market Report – 8/14/2014

Ryan Schwimmer

8/14/2014 1:30:44 PM

PRICES WAITING FOR ‘SIGNIFICANT’ EVENT

Gold and Silver prices were little changed in the hours after last week’s jobless claims data was released this morning. Andrey Kryuchenkov, strategist at VTB Capital, said, “We still believe it will take a significant macro event for the market to establish a new trend… In the meantime, in the absence of notable physical demand or renewed safe haven inflows the market is set to continue its current sideways pattern at the end of this week.”

U.S. stocks were higher in morning trading, and Peter Boockvar noted that U.S. data and events are not affecting the country’s markets as much as one might expect. Boockvar said, “We seem to be reacting now more to Europe and Russia than anything happening here. Our economy is better but it’s still mixed.” Nick Raich, CEO of The Earnings Scout, believes that traders are merely waiting for more handouts, saying, “It seems like markets are digesting bad data as good news that central banks are going to come in.”

At 2:04 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,314.60, Up $0.10.
• Silver, $19.92, Up $0.05.
• Platinum, $1,467.80, Down $2.10.
• Palladium, $884.50, Up $1.90.

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