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Mid-Day Gold & Silver Market Report – 2/19/2014

GOLD DOWN, SET TO BREAK NINE-DAY RALLY

The Gold price is down slightly today as natural consolidation looks to end the yellow metal’s nine session rally.  “Slower U.S. economic growth due to weather-related vagaries has been the key reason for gold’s rise from $1,250 to $1,332,” Chintan Karnani, chief market analyst at Insignia Consultants, said. The pullback is “just a consolidation phase for gold and silver before the next big move.”  As the minutes from the Federal Reserve’s January policy meeting are set for release today, investors ponder recent equity volatility and sluggish economic growth as factors that could influence slower than expected stimulus tapering measures. 

Much of the anxiety concerning emerging markets seems to have faded as the S&P 500 nears a new record high on the heels of strong earnings numbers.  “Economic data gets a pass with weather,” Rick Fier, director of equity trading at Conifer Securities LLC, said. “The market is rallying back to a more neutral position once earnings were priced in. The market is looking for its next directions and probably needs to be cleaned up a little.”  Investors will now look to the January Fed minutes to gain perspective on the future of monetary policy. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,321.60, Down $4.80.
  • Silver, $21.90, Down $0.06.
  • Platinum, $1,426.40, Up $0.10.
  • Palladium, $736.40, Up $1.80.

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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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