Mid-Day Gold & Silver Market Report – 8/29/2014
Peter LaTona
8/29/2014 12:03:00 PM
GOLD, SILVER & US STOCKS - STUCK IN NEUTRAL
Gold and silver prices have been hanging in there despite an increased risk appetite on behalf of investors. The crisis in the Ukraine and the conflict on the Gaza Strip has been key supports for gold prices. Today another support beam was erected as the terror threat in the United Kingdom has been raised to “severe”. U.K. Prime Minister David Cameron said the threat of terror from Islamic State militants is greater than at any time before and the terror threat level is now at its second highest “Severe”. Speaking today in London, Prime Minister Cameron said that we are facing a generational struggle, which is bound to go on for decades.
Palladium prices have been surging for months and today palladium as risen to a thirteen year high. Palladium is primarily used for industry, so prices are reflected by two factors: how well industries are performing who require palladium and the overall supply and demand. The recent price increases are directly related to the palladium supply because Russia is the world’s largest producer. According to London based Johnson Matthey demand for palladium will exceed mine output by the most ever this year. The five-month labor strike at palladium mines in South Africa only exacerbated the situation. “There is a lot of concern about palladium as imposition of more sanctions against Russia may affect supplies, which is already in a precarious state because of the strike,” Mike Dragosits, a senior commodity strategist at TD Securities in Toronto, said in a telephone interview. “Palladium will continue to remain supported.”
At 1:10 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold price, $1,289.30 Down $2.10
- Silver price, $19.56 Down $0.05
- Platinum price, $1,427.00 Up $0.80
- Palladium price, $909.30 Up $11.20
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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
