Mid-Day Gold & Silver Market Report – 2/11/2014
GOLD, STOCKS RISE AMID NEWS OF FED ACCOMMODATION
Gold remained on track for a fifth straight day of gains in morning trading. In regards to the testimony of the new Federal Reserve Chairwoman Janet Yellen and questions, Jeffery Wright, managing director of H.C. Wainwright, said, “[they] point to [a] longer timeline of existing interest rates regardless of official unemployment rate,” resulting in positive news for Gold as the U.S. dollar grows weaker.
U.S. stocks are benefiting from Yellen’s remarks as well. Dan Greenhaus, chief global strategist at BTIG, said, “She hit the right notes; the theme of the day is continuity. If there were one area where she made news, it was her view that cyclical issues are still hanging over the economy, and additional Fed stimulus is likely. (The current rally in equities is) principally due to the fact that Janet Yellen did nothing to spook the market, directly or inadvertently. In fact, she did quite the opposite. I think the market is relieved by her commentary, that she's going to remain extremely accommodative.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,291.90, Up $15.20.
- Silver, $20.25, Up $0.08.
- Platinum, $1,389.70, Up $1.80.
- Palladium, $717.50, Down $0.30.
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