Morning Gold & Silver Market Report – 2/14/2014
GOLD SOARS IN MORNING TRADING
Gold reclaimed the $1,300 per ounce level yesterday and so far isn’t looking back in early morning trading. Mitsubishi analyst Jonathan Butler said, “Gold has gone through a couple of important levels at $1,270 and $1,300 and if it manages to close around $1,310 we might look for some further gains to be made, although it could drop back. Gold has gone through a couple of important levels at $1,270 and $1,300 and if it manages to close around $1,310 we might look for some further gains to be made, although it could drop back, as it is looking a bit toppy on the [Relative Strength Index].” Economic reports to be released this morning are expected to show a slowdown in the U.S. economy, which is driving the U.S. dollar down.
U.S. stock futures are also looking stronger in morning trading. David Lutz of Stifel Nicolaus said, “It felt like there was a lot going on in futures. We had some people unwinding large hedges. I think you had a lot of European money coming back into the market. We saw the same phenomena around the debt ceiling in October — a lot of European managers had to pull money out of the United States. I think you had the reverse of that. I think the Fed is easing some nerves out there, and it was sparked by some of the debt ceiling angst being removed.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,317.60, Up $15.50.
- Silver, $21.16, Up $0.71.
- Platinum, $1,431.00, Up $12.40.
- Palladium, $739.50, Up $7.40.
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