Morning Gold & Silver Market Report – 2/11/2014
GOLD UP AHEAD OF YELLEN TESTIMONY
Gold prices are slightly up this morning after giving back recent gains ahead of Federal Reserve Chairwoman Janet Yellen’s testimony before the House Financial Services Committee. Yellen's prepared remarks signal the Federal Reserve will remain loose on the monetary-policy path that was set by former Federal Reserve chairman Ben Bernanke. With Yellen’s first testimony today, she will most likely face questions on the future pace of tapering and the state of the labor market.
The latest official figures showing a 500-tonne gap in China’s Gold consumption are fueling speculation that the country took advantage of 2013’s weak prices and bulked up its Gold holdings, despite protest to the contrary. Liu Xu, an analyst with Capital Futures in Beijing, said, “ It's not only about increases in official holdings. It's more accurate to say that every level of society, from individuals up to banks, has been allocating more to Gold. Wealth is expanding and people have limited investment channels, so gold is attractive.”
At 9:59 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,283.90, Up $7.10.
- Silver, $20.13, Down $0.05.
- Platinum, $1,387.00, Down $0.90.
- Palladium, $720.60, Up $2.90.
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