Morning Gold & Silver Market Report – 8/15/2014
Ryan Schwimmer
8/15/2014 8:09:03 AM
PRICES LOWER ON TENSIONS; NEW SILVER FIX CAUSES CONFUSION
The Gold price is lower in early morning trading, though it remained near the key psychological $1,300 per ounce mark. One Precious Metals trader said, “Gold will be well-supported above $1,300 on underlying geopolitical tensions. Some weak data in the last few days is also helping. But if equity markets take off, prices could dip as there is no other support from physical markets or inflows into exchange-traded funds.” Thursday, data showed more people than expected filed new claims for unemployment in the prior week, while tensions in Ukraine and Israel also supported the Gold price.
Though confusion currently surrounds the new “Silver fix” process within the industry, it appears the usual outside factors are affecting the Silver price this morning. The lower price is pointing Silver toward its fifth consecutive weekly loss. Sharps Pixley CEO Ross Norman said, “Silver is a $5 trillion market, there are thousands of contracts that underpin this market and they need to reference something during the contracts, if you are a refiner or a jewellery company, you need a benchmark.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,297.60, Down $18.10.
- Silver, $19.57, Down $0.37.
- Platinum, $1,448.70, Down $20.50.
- Palladium, $878.50, Down $8.70.
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
