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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.

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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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