Mid-Day Gold & Silver Market Report – 8/15/2014
Peter LaTona
8/15/2014 11:53:00 AM
GOLD, SILVER & STOCKS ON A ROLLER COASTER RIDE THIS MORNING
Gold began the day well below $1,300 and down almost $20. Silver looked like it might head below $19 and all the while U.S. Stocks were up nicely. Since then, stocks are down triple digits and Gold and Silver rebounded sharply on news coming out of Ukraine that Ukrainian artillery destroyed a significant portion of a 270 truck Russian convoy. This announcement rattled markets and sent European stocks tumbling. "Appropriate actions were undertaken and a part of it no longer exists," military spokesman Andriy Lysenko told journalists. Russia has claimed that these trucks were bringing in humanitarian aid, but Ukraine officials never bought into this explanation. Last night’s attack demonstrated their resolve and only adds more uncertainty to this situation.
Economists have raised their growth targets for the third quarter, but trimmed their estimates for the balance of the year. The overall outlook for job growth and lower employment remains strong. In the Philadelphia Federal Reserve’s quarterly survey of 43 economists, the third quarter forecast went up from 2.9 percent growth to 3 percent growth. The fourth quarter forecast went down from 3.2 percent to 3.1 percent. Overall for 2014, they lowered 2014 overall from 2.4 percent to 2.1 percent. Inflation is expected to remain muted with only slight increases in the forecasts.
At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,305.00 Down $10.70
- Silver, $19.60 Down $0.34
- Platinum, $1,457.80 Down $11.40
- Palladium, $895.30 Up $8.20
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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
