Mid-Day Gold & Silver Market Report – 9/8/2014
Peter LaTona
9/8/2014 11:52:00 AM
GOLD & SILVER PRICES CONTINUE TO SLIDE
Gold and Silver prices continue to slip in morning trading despite continuing geopolitical threats in Ukraine and the Gaza Strip. An underreported, yet interesting development in Scotland could have an effect on Gold prices later this month. Scotland’s voters go to the polls on September 18 to decide whether they should break away from the United Kingdom, or not. Scottish supporters for independence took a poll over the weekend and claim 51 percent of those polled favored “Yes” for independence, while 49 percent favored “No”. If Scotland does vote for independence, there will be a distribution of assets that will include Gold. "The distribution of the UK's assets in the event of Scottish independence would be subject to negotiation between an independent Scottish Government and the continuing UK government," a spokesman for the United Kingdom Treasury said on Monday. The U.K. owns about $12.6 billion and is the 18th largest holder of Gold (central bank holder). Scotland would also be faced with the decision as to whether or not to create their own currency.
According to data coming from the Federal Reserve, American ownership of stocks is at its lowest level in 18 years. However, stock ownership for the wealthy is at an all-time high, which might provide a partial explanation as to the widening gap between the rich and the rest of America. Those who stayed in stocks generally fared better during the recovery. Stock ownership peaked in the U.S. in 2001 and has been on the decline since. Today, the U.S. stock market is drifting slightly to the downside.
At 1:00 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,254.00 Down $14.30
- Silver, $19.01 Down $0.19
- Platinum, $1,399.40 Down $12.60
- Palladium, $886.00 Down $5.50
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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
