Mid-Day Gold & Silver Market Report – 2/21/2013

POOR ECONOMIC DATA HALTS GOLD, SILVER AS QE REMAINS HOT TOPIC

Gold and Silver prices are flat today as feeble manufacturing data and unexpectedly high unemployment claims curbed the momentum of recent price dips. “Those who had thought that it’s all rosy cozy for U.S. economy will now move into sidelines,” Chintan Karnani, an independent bullion analyst based in New Delhi, said. Jobless claims rose from 341,000 to 362,000 for the week ending February 16. The news of increased unemployment may serve as a cautionary reminder that economic improvement is not yet a definitive notion as many Federal Reserve committee members seek an end to quantitative easing (QE). “The job market is gradually improving but not fast enough for the Fed to remove accommodation. We still think a Fed rate hike is a late 2014 to early 2015 event,” Jacob Oubina, a senior economist at RBC Capital Markets in New York, said. A continuation of the Fed’s asset-buying strategy has caused fears of further currency devaluation which is expected to positively impact Gold and Silver in the long-term.

Stocks have softened again today following the largest single-session drop since November 2012. The $85 billion in monthly bond purchases are not only bullish for Gold, but have been a major rallying factor for U.S. equities markets. The speculation over QE coming to an end has cooled equities indexes that had been red-hot over the past couple of months. “The timeliness of the Fed’s comments coming out took a little bit of the excess out of the stock market,” Tim Hartzell, chief investment officer at Sequent Asset Management, said. “Equities really had gotten ahead of itself with just the belief that there’s always going to be $85 billion come into the market from the Fed.” The recent recoil was expected by many analysts who see the retreat as a healthy, natural reaction to an over-inflated market. Others experts continue to gauge traditional markets as far too volatile and see Precious Metals as a more sturdy alternative to drastic price fluctuations found in more risky assets.

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

  • Gold, $1,580.00, Up $.50.
  • Silver, $28.79, Up $0.10.
  • Platinum, $1,623.90, Down $24.20.
  • Palladium, $734.80, Down $2.60.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 1:07:14 AM EST

Metal Bid Ask Change
Gold $1,286.40 $1,288.40 $1.80
Silver $19.40 $19.50 $0.02
Platinum $1,395.40 $1,405.40 $1.50
Palladium $781.80 $786.80 ($0.30)
4/24/2014 1:07:14 AM EST

Click here for Historical Charts*All Charts are in USD


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