Mid-Day Gold & Silver Market Report – 9/3/2014
Ryan Schwimmer
9/3/2014 12:43:28 PM
GOLD GAINS AS MANY FACTORS COLLIDE
The Gold price was slightly higher after morning trading as the yellow metal continues to be pulled in all directions by outside factors. One of those factors, the ongoing situation between Ukraine and Russia, is also affecting the Palladium price. Russia is the world’s largest producer of the metal commonly used in the automobile industry, and as more sanctions are put on Russia, exports of Palladium would likely decrease. Thus, the seemingly easing tensions in that region have caused the price of the metal to fall.
U.S. stocks are mostly positive in the wake of the Russia-Ukraine situation. Nick Raich, CEO of The Earnings Scout, said, “The conflict between Russia and Ukraine is more for traders, but not for long-term investors. [In terms of economic data], the rest of the world is slowing and the U.S. is doing pretty well.”
At 1:19 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,270.20, Up $4.20.
- Silver, $19.20, Up $0.05.
- Platinum, $1,413.70, Up $3.80.
- Palladium, $877.50, Down $5.80.
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
