Mid-Day Gold & Silver Market Report – 2/12/2014
GOLD SEEKS $1,300 AS STOCKS TAKE BREATHER FOLLOWING FOUR-DAY RALLY
The Gold price is higher for the fifth straight session as the yellow metal looks to break through the important technical level of $1,300. “Gold is now trading comfortable above the 100-day moving average and seems to have its sights set on $1,300,” Tyler Richey, an analyst for the 7:00’s Report, said. “The largest influences on gold will again be upcoming economic data and Fed decision making.” Gold has been experiencing a healthy upward momentum over the last few weeks as fear of a massive stock market correction pushed investors to Precious Metals as a safe-haven. Macroeconomic data will continue to be a central focus for investors as the availability of easy liquidity from the Federal Reserve will likely continue to motivate the short-term movement of Gold and Silver.
U.S. stocks are down slightly today as the S&P 500 settles following its largest four-session rally in a year. “We’re taking a breather here,” Phil Orlando, chief equity market strategist at Federated Investors Inc., said. “Washington has essentially gotten out of the way, Yellen has told us monetary policy will be a continuation of what we’ve seen and we have a sense of what’s going to happen with the taper.” For now, it appears the stock market correction fears have been quelled; but domestic economic data will need to see steady improvement to convince investors that America’s economic future remains solid.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,297.20, Up $5.40.
- Silver, $20.41, Up $0.20.
- Platinum, $1,408.30, Up $18.50.
- Palladium, $729.80, Up $12.40.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.