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Mid-Day Gold & Silver Market Report – 2/12/2014

GOLD SEEKS $1,300 AS STOCKS TAKE BREATHER FOLLOWING FOUR-DAY RALLY

The Gold price is higher for the fifth straight session as the yellow metal looks to break through the important technical level of $1,300.  “Gold is now trading comfortable above the 100-day moving average and seems to have its sights set on $1,300,” Tyler Richey, an analyst for the 7:00’s Report, said. “The largest influences on gold will again be upcoming economic data and Fed decision making.”  Gold has been experiencing a healthy upward momentum over the last few weeks as fear of a massive stock market correction pushed investors to Precious Metals as a safe-haven.  Macroeconomic data will continue to be a central focus for investors as the availability of easy liquidity from the Federal Reserve will likely continue to motivate the short-term movement of Gold and Silver. 

U.S. stocks are down slightly today as the S&P 500 settles following its largest four-session rally in a year.  “We’re taking a breather here,” Phil Orlando, chief equity market strategist at Federated Investors Inc., said. “Washington has essentially gotten out of the way, Yellen has told us monetary policy will be a continuation of what we’ve seen and we have a sense of what’s going to happen with the taper.”  For now, it appears the stock market correction fears have been quelled; but domestic economic data will need to see steady improvement to convince investors that America’s economic future remains solid. 

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

  • Gold, $1,297.20, Up $5.40.
  • Silver, $20.41, Up $0.20.
  • Platinum, $1,408.30, Up $18.50.
  • Palladium, $729.80, Up $12.40.

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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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