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Morning Gold & Silver Market Report – 2/13/2014

JOBLESS CLAIMS, RETAIL SALES DISAPPOINT

Gold is mostly flat in morning trading, holding near a three-month high after economic reports disappointed. Retail sales, expected to drop a mere 0.1 percent, dropped 0.4 percent in January, while last week’s jobless claims totals were about 9,000 higher than expected. A Hong Kong-based Precious Metals trader told Reuters, “There doesn't seem to be any logic with Gold going up when stocks and U.S. Treasury yields are higher. But, I think there is enough technical momentum to carry prices above $1,300 [per ounce] today when New York opens. There is room up to the $1,310-$1,315 [per ounce] area.”

U.S. stocks are expected to open lower after the disappointing economic data released this morning. Federal Reserve Chairwoman Janet Yellen’s testimony to the Senate Banking Committee has been postponed due to weather in the Washington, D.C. area. Many analysts are expecting a relatively slow day with no testimony from Yellen, so the focus is on the aforementioned disappointing reports.

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

  • Gold, $1,295.30, Down $1.70.
  • Silver, $20.29, Down $0.11.
  • Platinum, $1,399.60, Down $9.70.
  • Palladium, $726.00, Down $4.00.

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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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