Morning Gold & Silver Market Report – 12/30/2014

Brandi Brundidge

12/30/2014 10:54:00 AM

GOLD JUMPS 2 PERCENT; CRUDE OIL CONTINUES TO DROP

Precious Metals prices received a nice boost this morning thanks to year-end buyers and, as is common toward the end of the year, short-covering. Gold rose more than 2 percent, hurdling over the $1,200 per oz price that most investors eyed as a key level.  The market anticipates both Greece’s election outcome along with tensions between Russia and the west to highlight Gold as a safe haven for bullish investors. Greek elections are anticipated to be earlier than normal, on January 25, due to Prime Minister Antonis Samaras not being able to pull in the necessary votes to hold office.  “A weaker dollar, uncertainty in Greece’s political situation and a pullback in equities are all adding to support in Gold,” Phil Streible, a senior market strategist at RJO Futures in Chicago, said in an email.

Crude oil futures fell to a five-year low today due to fear of a surplus.  The oversupply is expected to run into the first half of 2015 with 1.5 million barrels a day, according to Citi Futures analyst Tim Evans. “For now, we see U.S. crude-oil production as still contributing to the declining call on OPEC crude oil and the wider global supply-demand surplus,” Evans said in a report.  Oil prices have been affected by both supply disruptions and declining demand in Asia and Europe, with no clear forecast for the near future.  

At 11:53 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,205.40 Up $21.50
• Silver, $16.33 Up $0.51
• Platinum, $1,216.50 Up $12.80
• Palladium, $806.10 Down $5.90

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.