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Morning Gold & Silver Market Report – 2/12/2014

GOLD HITS RESISTANCE AND STOCKS GIVE UP GAINS

The Gold price is hitting resistance in early morning trading. UBS said in a note, “Any attempt at the $1,300 psychological mark is likely to meet resistance and attract those who have been waiting for more attractive levels to close out longs or initiate shorts. Hints from the Fed Chairwoman yesterday, which were broadly in line with expectations, confirm that the status quo remains intact and as such, nothing has really changed for Gold from a macro perspective.”

U.S. stock futures are pointing toward a flat open for Wall Street as well. However, stocks have been rallying recently. Jim Reid, strategist at Deutsche Bank, explained that risk assets have “been on a roll during the past week, and it seems that memories of January’s wobbles are quickly fading. Indeed, if we look at the major equity indexes, the S&P 500 is only about 1.5% away from being flat on the year, after being down by more than 5.5% at one stage in late January.”

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

  • Gold, $1,291.40, Down $0.40.
  • Silver, $20.27, Down $0.06.
  • Platinum, $1,405.00, Up $15.20.
  • Palladium, $722.80, Up $5.40.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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