Mid-Day Gold & Silver Market Report – 2/20/2014

Ted Prince

2/20/2014 12:09:00 PM

PROFIT-TAKING WEIGHS DOWN GOLD PRICE

Gold is down slightly again today as the run up to a 3 ½ month high encouraged a round of profit-taking.  Some of the profit-taking was triggered by reassuring comments included in the minutes from the recent Federal Reserve policy meeting.  The minutes indicated an ongoing commitment to a steady reduction in quantitative easing (QE) measures.  However, it appears that Precious Metals investors have thoroughly digested the anticipation of consistent QE trimming and the idea of less liberal monetary injections have been priced in to the market. 

U.S. stocks are on the rise today as investors weighed strong manufacturing data and corporate earnings figures.  “The underlying strength of the U.S. consumer, of U.S. corporations, is still there,” James Liu, global market strategist at J.P. Morgan Funds, said. “On the emerging markets side the question is whether there is contagion for the U.S. market, and I think the answer that we’ve seen is no.”  As the emerging markets panic appears to have subsided, investors will wait to see if equities markets can continue their momentum from 2013 into the rest of the new year. 

At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,318.50, Down $3.90.
• Silver, $21.76, Down $0.16.
• Platinum, $1,414.50, Down $12.00.
• Palladium, $736.90, Up $0.50.

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