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

WEAK U.S. ECONOMIC DATA CONTINUES TO SUPPORT METAL PRICES

After investors received confirmation that billionaire John Paulson maintained his Gold holdings last quarter, hedge funds increased to a three-month high due to slow growth in the U.S.  A bullish market is returning after Gold fell 28 percent in 2013, which was the largest drop since 1981. Gold surpassed the anticipated $1,300 per ounce price last week and has remained at that supported level, while such stability has not been reflected in U.S. economic data.  “The run-up in prices in recent weeks has been attached to the meltdown in emerging markets, and adding to that concern is U.S. economic news,” John Rutledge, chief investment strategist at Safanad investment company, said. “It’s still probably too soon to say the trend in Gold market has fully turned. You’ve got people who are bears because they see inflation as under control, and others looking further ahead seeing inflation.”

Poor U.S. economic data continues to be blamed on recent severe weather conditions. “The weather doesn’t just clog traffic, it clogs the economic data,” Lawrence Creatura, portfolio manager at Federated Investors, said. “You just don’t know if this is indicative of what’s going on in the broader economy.”  Investors await key reports this week, including home sales and manufacturing and house construction, along with the release of the U.S. Federal Reserve meeting minutes from January, which typically offers clues into what central bankers are thinking.

At 5 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,330.90, Up $10.30.
  • Silver, $21.88, Up $0.40.
  • Platinum, $1,433.20, Up $1.10.
  • Palladium, $741.00, Up $2.40.

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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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