Closing Gold & Silver Market Report – 2/12/2014
METALS SHOW GAINS IN 2014; CONGRESS APPROVES DEBT LIMIT INCREASE
Gold’s rally continues in 2014 as the yellow metal is on its way to reaching a three-month high. The metal’s safe haven appeal remains in place after yesterday’s confirmation from Federal Reserve Chairman Janet Yellen that the U.S. economy has not reached its growth potential and that further stimulus cuts would be made in steps. “[Federal Reserve of St. Louis President James] Bullard and Yellen made it clear that the Fed is not in a hurry to end stimulus,” Adam Klopfenstein, a senior market strategist at Archer Financial Services in Chicago, said in a telephone interview. “Continued injection of easy money into the system is helping Gold.” Silver is currently experiencing its longest run of gains since 2011, with an increase for futures delivery of 0.9 percent in March.
The U.S. Congress was able to approve legislation today to increase the statutory debt limit ahead of the February 27 deadline. If the U.S. debt limit had not been increased in time, the nation could default on its financial obligations, causing government programs to shut down. Financial markets and investors are satisfied with the results, as it was expected that Congress may wait until the last minute to reach a deal.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,293.60, Up $1.80.
- Silver, $20.28, Up $0.07.
- Platinum, $1,408.30, Up $18.50.
- Palladium, $728.40, Up $11.10.
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