Mid-Day Gold & Silver Market Report – 2/14/2013
MARKETS SLOW ON LOW VOLUME, G20 ANTICIPATION
The Gold price has softened today to its lowest level in six months. Analysts point to Lunar New Year celebrations in China and anticipation of this week’s G20 meeting as contributing to a lack of fervor among investors. Through the recent price pull-back and lower demand, experts maintain a bullish stance on the long-term prospects for Gold. “Gold may be supported by concerns over the upcoming automatic spending cuts set to begin” on March 1, HSBC bullion analyst James Steel said. “Gold is likely to benefit from tensions stemming from the ongoing currency war, we believe.”
Although there has been some recovery from early morning lows, equities markets remain down as worse-than-expected GDP data from the euro zone stalled any rally possible after positive U.S. employment data and a flurry of domestic M&A declarations. Scott Armiger, money manager at Christiana Trust, remains inhibited in his optimism over the current state of the economy, saying, “There is global economic weakness and we’re still constrained growth-wise. It’s an environment where it’s easier to buy growth than trying to grow organically.” As investors speculate over economic recovery and traditional markets, many are still turning to Gold and other Precious Metals to combat competitive currency devaluation and domestic stimulus policy.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,635.60, Down $10.50.
- Silver, $30.32, Down $0.60.
- Platinum, $1,713.50, Down $16.20.
- Palladium, $765.10, Down $7.90.
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