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Market Reports

Closing Gold & Silver Market Report – 2/10/2014

WEAKER U.S. DOLLAR SUPPORTS METAL PRICES; DECLINING ECONOMIC GROWTH EXPECTED IN 2017

Both Gold and Silver have performed extremely well today due to a weaker U.S. dollar, which hit a three-week low against other major currencies. Gold has already increased by six percent this year compared to a 70 percent climb from December 2008 to June 2011 when the Federal Reserve printed more than $2 trillion and pushed it into the financial system.  As the Fed’s monetary policy slowly winds down with moderate tapering, it appears that Gold’s support system is moving further away.  “The safe-haven premium is back with growth concerns re-emerging,” Bart Melek, analyst at TD Securities in Toronto, said. “Tomorrow, people will be watching Yellen’s determination to continue with tapering.”

After a second disappointing jobs report was released, it left many wondering if the U.S. economy is really showing signs of improvement.  The Congressional Budget Office has forecasted that growth will continue through 2016 and will begin to decline at the start of 2017.  The reasoning behind such prediction is that a large number of baby boomers will retire and leave the workforce, which will hinder the economy’s ability to grow.  This could put the government in a position to borrow money in order to accurately fund Social Security and Medicare for those who retire.

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,276.70, Up $11.80.
  • Silver, $20.12, Up $0.12.
  • Platinum, $1,388.40, Up $7.20.
  • Palladium, $718.50, Up $8.80.

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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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