Mid – Day Gold & Silver Market Report – 8/27/2014

Paul Stevens

8/27/2014 12:22:00 PM

GOLD GETS BREATHER AS EQUITIES LOSE MOMENTUM

Precious Metal prices continue trading flat through midday.  A little over two weeks after the dollar index reached a 13-month high, today’s retreat has provided breathing room for Gold. Afshin Nabavi, head of trading at MKS, said, “The market is looking closely at the dollar ... it's probably worth $10-20 as far as the Gold price is concerned. (But) Gold has to break below $1,275 [per ounce] or above $1,325 [per ounce] to get the investors interested. Otherwise, we will continue to trade (the) range”

U.S. equities retreated today, giving back some of the gains which helped the indexes reach recent record highs.  Ethan Anderson, senior portfolio manager at Rehmann Financial in Grand Rapids, MI, said, “The market is not overly expensive, not cheap either.  In the absence of strong corporate earnings, you are not necessarily going to see a huge surge in equities over the next 12 months. But the little notch up, on a regular basis, you’re likely to see continue.”

At 1:18 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,284.40 Down $1.80
• Silver, $19.48 Up $0.03
• Platinum, $1,419.40 Down $0.20
• Palladium, $894.60 Up $4.50

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