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Mid-Day Gold & Silver Market Report – 2/5/2014

STOCK UNCERTAINTY BOOSTS APPEAL OF GOLD

Gold is trading higher today as mixed economic reports leave room for uncertainty among investors who are dubious about the strength of the U.S. economy.  Precious Metals have been trading in a tight range over the last several months but have been receiving a moderate boost as a volatile equities market has increased the safe-haven appeal of Gold and Silver.  "Any significant drop in equities could trigger renewed gold purchases. This is gold's best chance for a near-term rally we believe," James Steel, chief Precious Metals analyst at HSBC, said.  The outlook for Gold in the near future has appeared rather bleak following tightening of the Federal Reserve’s ultra-loose monetary policy.  However, the traditional inverse correlation of price movement with stocks and Gold is at the forefront as investors closely eye U.S. equities for signs of further correction. 

U.S. stocks are trading flat today as many market analysts are skittish following substantial market volatility over the last two weeks.  Some are claiming the recent corrective nature of the stock market is healthy while others, such as famed analyst and market timer Tom Demark, are deciphering more ominous indicators from recent market behavior.  Synching up data from the Dow Jones Industrial Average from the fall of 1929 (just before Black Tuesday and the subsequent dip into the depths of the Great Depression), and the Dow pattern he has tracked over recent months, Demark has extracted a nearly identical configuration that he suggests could lead to a 60 percent drop in the benchmark index.  “What we're seeing right now, if the market does unravel, I think we'll have a 60% correction of 40% off the high.  Which would put us about 1100,” Demark, said. 

At 2:11 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,260.20, Up $7.00.
  • Silver, $19.95, Up $0.47.
  • Platinum, $1,382.50, Up $7.10.
  • Palladium, $708.80, Up $7.70.

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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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