Daily Market Report 8/14/14

GOLD

Gold prices dipped a bit lower in overnight trading, then rose slightly this morning after unexpected news of a rise in weekly U.S. jobless claims. As the summer winds down, ongoing geopolitical situations have been temporarily put on the back burner. Early September could bring renewed geopolitical concerns, which would be bullish for Gold.

At 11am PST Gold is trading at $1,313.79, up $0.56.

SILVER

Silver is holding steady as the market awaits tomorrow’s new silver fix replacement of the 117-year old silver price fixing tradition. Silver trading hit an exciting $5 trillion dollars last year. The new system will take effect on August 15 and will replace an old time tradition of phone-based trading, and now allow just two banks to set the prices on the London Bullion Market Association (LBMA). Deutsche Bank AG was the third bank that participated in the old system, but will not be involved in the new process. “We do expect there to be adequate participation and we expect things to go off without a hitch,” said Coeur Mining’s Treasurer Courtney Lynn. “I wouldn’t say that we’re nervous.” CME & Thomson Reuters teamed up to take over the new silver fixing process and Lynn says she thinks this was the ‘best answer’ for the industry. To learn more about the new silver fixing system please click here.

At 11am PST Silver is trading at $19.91, up $0.04.