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Morning Gold & Silver Market Report – 2/11/2014

GOLD UP AHEAD OF YELLEN TESTIMONY

Gold prices are slightly up this morning after giving back recent gains ahead of Federal Reserve Chairwoman Janet Yellen’s testimony before the House Financial Services Committee.  Yellen's prepared remarks signal the Federal Reserve will remain loose on the monetary-policy path that was set by former Federal Reserve chairman Ben Bernanke.  With Yellen’s first testimony today, she will most likely face questions on the future pace of tapering and the state of the labor market. 

The latest official figures showing a 500-tonne gap in China’s Gold consumption are fueling speculation that the country took advantage of 2013’s weak prices and bulked up its Gold holdings, despite protest to the contrary.  Liu Xu, an analyst with Capital Futures in Beijing, said, “ It's not only about increases in official holdings. It's more accurate to say that every level of society, from individuals up to banks, has been allocating more to Gold. Wealth is expanding and people have limited investment channels, so gold is attractive.”

At 9:59 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,283.90, Up $7.10.
  • Silver, $20.13, Down $0.05.
  • Platinum, $1,387.00, Down $0.90.
  • Palladium, $720.60, Up $2.90.

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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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