Mid – Day Gold & Silver Market Report – 8/26/2014
Peter LaTona
8/26/2014 12:01:00 PM
GOLD & SILVER STILL POSITIVE BUT GIVE UP MORNING GAINS
Gold and Silver prices are hanging on to their morning gains despite a booming U.S. stock market. Yesterday the S&P 500 crossed the 2,000 mark for the first time ever and continues to extend gains today. The Dow hit an all-time high during morning trades. A better than expected durable goods report kicked off the stock surge. "Today's report, while not perfect, reinforces market optimism regarding the economy, [of the data, which had orders for durable goods rising 22.6 percent last month versus a 7.5 percent estimate,]" Dan Greenhaus, chief strategist at BTIG, said in an email. Although this report was fueled by a sharp increase in demand for commercial aircraft, it raises expectations of a quicker than expected economic recovery.
Gold and Silver began the day sharply up on increased tensions coming out of Ukraine. Investors will be paying close attention to talks that may or may not happen today between Russian President Vladimir Putin and his Ukrainian counterpart, Petro Poroshenko. Although both men will be present at a working lunch, it is unclear whether or not they will have any private conversations. Gold prices are finding support in the expectation that not much will come from this meeting. “There is little ground for optimism,” Lilit Gevorgyan, senior analyst at IHS Global Insight in London, said by e-mail. “Neither Russian nor Ukrainian leaders are ready for a serious compromise to end the conflict as both have to keep up the appearance of being a staunch defender of their respective national interests.”
At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,285.80 Up $5.90
- Silver, $19.45 Up $0.06
- Platinum, $1,419.40 Up $1.00
- Palladium, $889.90 Down $0.90
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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
