Morning Gold & Silver Market Report – 11/12/2014

Paul Stevens

11/12/2014 9:05:00 AM

METALS FLAT AS INVESTORS DIGEST UBS REPORT

After showing small signs of life Tuesday, Precious Metal prices remain steady Wednesday. As the U.S. dollar approaches a four year high, investors are digesting news that a Swiss regulator’s investigation into Precious Metals and Forex trading at UBS uncovered a “clear attempt” to control metals benchmarks. Commerzbank analyst Carsten Fritsch said, “The overall backdrop is still negative with the dollar tilting towards strength and continued ETF outflows due to continued rises in U.S. stock markets.”

U.S. stocks are on the decline Wednesday as investor concerns grow over how a slowed European economy may affect the U.S. economy. Jacques Porta, Paris-based fund manager for Ofi Gestion Privee, said, “It’s difficult to give markets the will to go higher.  Markets need to have a rest. Equities are at all-time highs and it’s always difficult to break records. Everyone has known for a long time that the U.S. markets are not cheap, but perhaps investors don’t see it as too expensive because the U.S. economy is strong.”

At 10:05 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,167.40 Up $1.40
• Silver, $15.75 Down $0.03
• Platinum, $1,205.30 Down $3.40
• Palladium, $780.90 Up $7.20

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