Morning Gold & Silver Market Report – 2/24/2014
PRECIOUS METALS UP AS INVESTORS AWAIT DATA
Precious Metals prices are higher through early morning trading, with Gold staying near a three and a half month high. A combination of violence in Ukraine, a steep drop in U.S. existing home sales and a recent trend of spotty economic data have boosted Gold’s safe-haven appeal. Many investors will look for direction on the release of several reports this week that will give a revised look at U.S. economic-growth data, consumer confidence and durable goods.
Although the Federal Reserve has recently begun to taper its bond buying program, some feel they have already set the U.S. stock market up for a big fall. When asked his opinion on quantitative easing and the Fed’s low interest rates, Grant's Interest Rate Observer founder and editor Jim Grant told CNBC’s Squawk Box, “My fear is because that interest rates are suppressed, therefore earnings are inflated. So when rates go up … the 'hall of mirrors' is shattered and we look at each other and see what actually is real rather than what the Fed wants us to believe.”
At 10:22 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,338.60, Up $13.00.
- Silver, $22.13, Up $0.29.
- Platinum, $1,439.60, Up $9.70.
- Palladium, $742.00, Up $1.00.