Morning Gold & Silver Market Report – 8/27/2014

Ryan Schwimmer

8/27/2014 8:06:20 AM

GOLD ‘LIKE THE ROCKY BALBOA RIGHT NOW’

The Gold price is mostly flat in early-morning trading. With surrounding factors seemingly piling up against Gold, some analysts believe that its resiliency is a bullish sign. Jeff Kilburg of KKM Asset Management said, “I think the resiliency in Gold has been tremendous. Look at every reason the bears have had to sell it — and they have not been victorious. So I like owning Gold now, due to the fact that it's kind of like the Rocky Balboa right now — it's going around the ring, it's been knocked a bunch of times, but it will not go now … I think Gold is coiling up. And when you see it coil up like a snake, it's going to the upside.”

U.S. stock futures are looking positive for Wall Street in premarket trade, as major indexes continue a streak of record highs. Joao Monteiro, analyst at Valutrades, said, “U.S. markets remain undaunted by the dizzying highs they’re currently standing at and futures are suggesting there’s more gains to be seen at the open.” No major data is scheduled to be released today, so investor focus will be on corporate earnings results.

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

• Gold, $1,287.50, Up $1.30.
• Silver, $19.48, Up $0.04.
• Platinum, $1,422.20, Up $2.60.
• Palladium, $888.80, Down $1.40.

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