Mid-Day Gold & Silver Market Report – 8/28/2014
Ryan Schwimmer
8/28/2014 12:20:05 PM
TENSIONS OVERSHADOW POSITIVE DATA
Gold and Silver prices have fallen slightly in morning trading, though both are still holding on to solid gains. Michael O’Rourke, of Jones Trading, believes that Gold is merely treading water before entering into heavy competition with another store of value. “The end of quantitative easing in the fall will create another bullish catalyst for the U.S. dollar. Obviously, gold and the dollar compete with one another in the store of value and flight to safety categories,” O’Rourke said.
That being said, geopolitical tensions are another factor that continues to affect the Gold price, and news out of Russia and Ukraine is only getting worse. U.S. stocks are down due to these concerns, which overshadowed positive economic reports. Regarding stocks, Earnings Scout CEO Nick Raich said, “We only need Ukraine and Russia to flare up to trigger a reason to sell.”
At 1:19 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,291.00, Up $6.60.
- Silver, $19.59, Up $0.11.
- Platinum, $1,426.60, Up $5.70.
- Palladium, $898.50, Up $3.80.
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
