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Market Reports

Morning Gold & Silver Market Report – 2/17/2014

GOLD GAINING BELIEVERS

Precious Metals prices are higher in early morning trading, while U.S. stocks are at a standstill for Presidents’ Day. Gold is gaining believers amid its 10 percent climb this year. Analysts at ScotiaMocatta said, “We are bullish Gold, targeting a full retracement back to the $1,433 [per ounce] high from August 2013,” while also adding that Silver appears to have formed a bottom. A Securities and Exchange Commission filing showed famed hedge fund manager John Paulson kept his company’s Gold holdings in the fourth quarter of 2013.

Another hedge fund manager, George Soros, and his company Soros Fund Management have doubled a bearish bet on the S&P 500. While it’s possible that this bet is simply a hedge, many see it as a bad sign for U.S. equities. One possible reason for such a position is the fact that the S&P 500 hasn’t experienced a proper correction in 28 months.

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

  • Gold, $1,329.80, Up $9.20.
  • Silver, $21.85, Up $0.37.
  • Platinum, $1,432.70, Up $0.60.
  • Palladium, $738.80, Up $0.20.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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