Mid-Day Gold & Silver Market Report – 2/4/2014
SILVER RECOVERS FROM EARLY LOSSES
The Gold price continued to trade lower in morning trading, while the Silver price recovered into the black. Bart Melek, head of commodity strategy at TD Securities, said, “The Gold-positive flows from the loss of risk appetite, as a result of emerging-market turmoil, provided support but it was limited and short lived. So far, institutional investors continue to stay clear, while hedge funds are only engaging on a relatively small scale on the long side.”
U.S. stocks are putting pressure on the Gold price as they rebound. Emerging market stocks are still weak, but UBS AG CEO Sergio Emotti said, “Short term, it looks a bit overdone… [T]here are excesses in terms of expectations about one asset class or the other and [when] things move in the wrong direction, you have very violent moves on the other side.”
At 1:34 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,253.80, Down $8.10.
- Silver, $19.49, Up $0.02.
- Platinum, $1,375.50, Down $13.10.
- Palladium, $699.60, Down $4.10.
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