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Closing Gold & Silver Market Report - 2/4/2014

GOLD SLIPS MODESTLY AS STOCKS REBOUND

Gold fell slightly today although the yellow metal rebounded from early lows.  A stronger dollar and a modest pick-up in equities weighed on Precious Metals.  “There are some signs of stabilization today,” Frank McGhee, head dealer at Integrated Brokerage Services LLC, said referring to the Gold price.  After a substantial decline in equities yesterday, a boost from emerging currencies helped lift stocks and temporarily suppress the demand for Gold and Silver.

U.S. stocks rallied today, chipping away at losses sustained following yesterday’s largest dip since last June.  As strong corporate earnings figures continue to trickle in, investors hope the panic regarding emerging markets was a minor hiccup and that stocks will resume the momentum experienced during much of 2013.  “Main Street is still chugging along. Earnings have been fine,” Ethan Anderson, senior portfolio manager at Rehmann Financial, said.  “You put all these together and I’m just not seeing anything that’s suggesting that the train is off the track. We’re pretty much in a very healthy pullback. To me, it’s refreshing.”

At 5:38 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,256.10, Down $5.80.
  • Silver, $19.55, Up $0.09.
  • Platinum, $1,375.80, Down $12.80.
  • Palladium, $701.00, Down $2.70.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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