Mid-Day Gold & Silver Market Report – 2/13/2014
INVESTORS DIGEST YELLEN COMMENTS, WEAK RETAIL NUMBERS
A dip in retail sales buoyed Gold futures slightly today as Precious Metals remain largely flat, with Gold still looking to breach $1,300 an ounce. Though the slip in retail numbers from January is somewhat attributed to extreme winter conditions throughout much of the country, confidence in improved employment numbers and the domestic economy as a whole is causing experts to predict ongoing monthly reductions to quantitative easing measures. Stock market correction suspicions have helped drive metals prices lately as Gold looks to rise for the sixth straight session Thursday.
U.S. stocks are up slightly today as sluggish retail sales from January and comments from Federal Reserve Chairman Janet Yellen are analyzed by investors. “The markets are looking at softer data and thinking it’s weather-related,” Krishna Memani, chief investment officer of OppenheimerFunds Inc., said. Yellen’s remarks from yesterday indicated widespread improvement in the domestic economy and further stated that significant circumstances would be needed to alter the course of monetary stimulus tapering from its current level.
At 1:14 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,300.80, Up $3.80.
- Silver, $20.43, Up $0.03.
- Platinum, $1,418.10, Up $8.80.
- Palladium, $732.30, Up $2.20.
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