Morning Gold & Silver Market Report – 2/13/2014
JOBLESS CLAIMS, RETAIL SALES DISAPPOINT
Gold is mostly flat in morning trading, holding near a three-month high after economic reports disappointed. Retail sales, expected to drop a mere 0.1 percent, dropped 0.4 percent in January, while last week’s jobless claims totals were about 9,000 higher than expected. A Hong Kong-based Precious Metals trader told Reuters, “There doesn't seem to be any logic with Gold going up when stocks and U.S. Treasury yields are higher. But, I think there is enough technical momentum to carry prices above $1,300 [per ounce] today when New York opens. There is room up to the $1,310-$1,315 [per ounce] area.”
U.S. stocks are expected to open lower after the disappointing economic data released this morning. Federal Reserve Chairwoman Janet Yellen’s testimony to the Senate Banking Committee has been postponed due to weather in the Washington, D.C. area. Many analysts are expecting a relatively slow day with no testimony from Yellen, so the focus is on the aforementioned disappointing reports.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,295.30, Down $1.70.
- Silver, $20.29, Down $0.11.
- Platinum, $1,399.60, Down $9.70.
- Palladium, $726.00, Down $4.00.
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