eBay
  • Daily Deals
  • Sell
  • Customer Support
  • Shop now
APMEX | Weekly Gold & Silver Market Recap – 8/29/2014

Precious Metals endured another week of stagnation as the sluggish summer months continued to plague Gold and Silver prices.  The Gold price experienced pressure as U.S. equities rallied forcing the S&P 500 to breach 2,000 for the first time.  Gold made a single digit rebound on Thursday as reports indicated intensifying hostility between Ukraine and neighboring Russia.  Investors will continue to eye global and domestic economic news and the threat of escalating violence from geopolitical hot zones in Ukraine and the Middle East. 

The crisis in Ukraine and the conflict on the Gaza Strip have been key supports for the Gold price. Friday, another support beam was erected as the terror threat in the United Kingdom was 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 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.

Gold was trading higher on Thursday as geopolitical tension and ongoing short-covering forced a mild jump in bullion prices.  Overseas conflicts have again taken center stage as safe-haven buying was spurred when the Ukrainian president publicly announced that the Russian military invaded his country and were occupying areas along Ukraine’s eastern border.  Though Russian officials have come forth to refute this accusation, investors shied away from equities on Thursday in search of asylum in the form of Precious Metals. 

The S&P 500 crossed the 2,000 mark for the first time ever on Tuesday while the Dow hit an all-time high during morning trades. A better than expected durable goods report kicked off the stock surge. "Today's report, while not perfect, reinforces market optimism regarding the economy, [of the data, which had orders for durable goods rising 22.6 percent last month versus a 7.5 percent estimate,]" Dan Greenhaus, chief strategist at BTIG, said in an email. Although this report was fueled by a sharp increase in demand for commercial aircraft, it raises expectations of a quicker than expected economic recovery.

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold price, $1,289.00 Down $2.40
  • Silver price, $19.50 Down $0.11
  • Platinum price, $1,425.40 Up $0.80
  • Palladium price, $906.00 Up $7.90

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.

Apmex Bullion Center: Get Started Investing
AdChoice
Disclaimer: All content is provided by APMEX or the FTC "as-is" for educational purposes only. The author, publisher, Triad Digital Media, LLC d/b/a Triad Retail Media, and eBay Inc. do not warrant the accuracy of any content and have no responsibility for errors, omissions, or contrary interpretation of any content. The content has no regard to specific investment objectives, financial situation, or particular needs of any visitor. References to third parties are based on information obtained from sources believed to be reliable but are not guaranteed to be accurate or current. Visitors and prospective buyers should not regard it as a substitute for exercising their own judgment. The APMEX and FTC disclaimers (http://www.ftc.gov/foia/disclaimer.shtm) apply to all content.

Additional site navigation