Our Daily
Market Reports

Closing Gold & Silver Market Report – 2/19/2014

FED MINUTES PROVIDE ANSWERS; GOLD’S WINNING STREAK ENDS

The minutes from January’s Federal Reserve policy meeting were released today, showing the desire to raise interest rates once the unemployment rate drops below 6.5 percent.  Several policymakers agreed to continue tapering the bond buying program by $10 billion a month if U.S. economic conditions stabilize and show growth.  “It seems pretty safe to say that they are close to doing away formally with the 6.5 percent threshold, and given their concerns about inflation, rate hikes are unlikely any time soon,” BTIG LLC chief strategist Dan Greenhaus said.  Fed officials expressed their concerns regarding too-low inflation several times in the policy meeting, with Greenhaus saying, “I don’t recall another set of recent minutes being as concerned about inflation from the downside.”

Gold fell today after rallying the past nine, marking its longest winning streak since July 2011.  The Fed minutes provided the market with necessary information regarding officials’ beliefs on the U.S. economy regarding interest rates, the job market and inflation.  Gold is currently “battling with the complexity of faltering U.S. economic data against the backdrop of a continued Federal Reserve taper,” CitrinGroup founder and executive chairman Jonathan Citrin said ahead of the Comex close. “So far this year, Gold has rallied as growth has fallen off the expected pace. However, at the end of the day, theory ties the metal’s price closely with that of the U.S. dollar. The ‘new’ Fed, [led] by Chairwoman [Janet] Yellen, appears reluctant to change course — more taper indicates a stronger dollar and less need for an inflation hedge such as Gold.”

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

  • Gold, $1,312.80, Down $13.60.
  • Silver, $21.59, Down $0.37.
  • Platinum, $1,417.20, Down $9.30.
  • Palladium, $734.00, Down $4.10.

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.

« Return to Commentaries

World Market Trading Hours

Our spot prices are subject to change during the following hours, excluding holidays:

 
Gold
Silver
Platinum
Palladium
COMEX &
NYMEX Markets
Monday-Friday
8:20AM-1:30PM
Monday-Friday
8:25AM-1:25PM
Monday-Friday
8:20AM-1:05PM
Monday-Friday
8:30AM-1:00PM
CME Globex
World Markets
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM
Monday-Friday
6:00PM-5:15PM

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.

Back To Top

Items In Cart


There are no items in the cart.

PLATINUM