Mid-Day Gold & Silver Market Report – 2/14/2014
PRECIOUS METALS CONTINUE TO CLIMB THROUGH MID-DAY
Precious Metal prices are continuing to climb through mid-day trading. An increase in physical demand and investors renewed skepticism in the U.S. economic recovery have provided a boost to metals as Gold is set for a four percent gain on the week. Naeem Aslam, chief market analyst at AvaTrade said, “Gold prices are above the psychological level of $1,300, which is a bullish sign for gold. Physical gold is attractive at this price level for many.”
U.S. stocks rose slightly on Friday even as numbers show U.S. factory production had its biggest drop in more than four and a half years. Andre Bakhos, managing director at Janlyn Capital LLC, said, “Industrial production was down. That was a big miss yet the market seems to be immune to it.” He then added, “The fact the market has not been adversely affected by the weaker numbers, any of the recent numbers that have fallen short, the smart market money believes it is in fact the weather and the economy has not fallen off the tracks here.”
At 1:37 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,320.30, Up $18.20.
- Silver, $21.44, Up $0.98.
- Platinum, $1,430.80, Up $12.40.
- Palladium, $737.00, Up $4.90.
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