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Morning Gold & Silver Market Report – 2/18/2014

GOLD FLAT WITH DATA; CHINESE GOLD OVERTAKES INDIA

Gold prices opened flat Tuesday after New York-area data showed a decline in manufacturing activity and investors profit-taking on the yellow metal’s recent growth.  When asked her thoughts on a recent MarketWatch survey, Newedge Strategy economist Annalisa Piazza said, “Part of the decline is probably explained by harsh weather that has caused some problems for the factory sector. That said, the survey remains consistent with a moderate pace of activity in the U.S. factory sector.” 

Data released in the World Gold Council’s full-year report for 2013 shows China officially overtook India as the world’s largest consumer of Gold.  Although Gold’s price was affected in part due to large outflows of exchange traded funds (ETFs) in 2013, the demand for the physical metal surged.  The report stated, “The main feature of Gold investment throughout 2013 was the contrast between ETFs, which acted as a source of supply to the market as sizable institutional positions were sold, and demand for bars and coins, which surged to an all-time high. “

At 9:56 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,323.20, Up $2.60.
  • Silver, $21.75, Up $0.27.
  • Platinum, $1,427.60, Down $4.50.
  • Palladium, $737.50, Down $1.10.

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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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