Morning Gold & Silver Market Report – 2/22/2013

ANALYST PREDICTS ‘SILVER WILL HAVE A SPECTACULAR RISE’

Gold and Silver prices gave up early gains this morning ahead of today’s panel discussion with Federal Reserve officials set for 10:15 a.m. It is expected that the discussion will focus on how the dissent between politicians over fiscal policy is keeping the Fed from getting the economy on more solid footing. Minutes from the latest Fed meeting revealed some disagreement between Fed officials over the exit strategy for the latest round of quantitative easing (QE3). In the past, monetary stimulus measures have been bullish for Precious Metals prices.

Though the Silver price has fallen approximately 9 percent in February, analysts are not turning their backs on the metal. One analyst explained that China’s Lunar New Year celebrations last week came at an inopportune time, leaving the Silver price open to the volatility of technical trading, but he expects a snapback that will be just as surprising as this month’s dip. The Silver Institute said in a report that China’s investment demand for Silver will grow robustly as access to the metal improves. Gijsbert Groenewegen of Silver Arrow Capital Management added, “The Chinese have to hedge themselves against the continuous debasement [of their U.S. dollar reserves and] the opposite of the U.S. dollar is Gold and Silver.” Paul Mladjenovic, author of Precious Metals Investing for Dummies, said, “[The] massive shorting in the futures market is warping supply and demand and at some point, the shorting will fail and Silver will have a spectacular rise.”

At 9:22 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,574.50, Down $5.60.
  • Silver, $28.62, Down $0.15.
  • Platinum, $1,610.90, Down $10.10.
  • Palladium, $732.60, Down $2.00.

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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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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