Closing Gold & Silver Market Report – 2/20/2014

Peter LaTona

2/20/2014 4:42:00 PM

PRECIOUS METALS FLAT AS EQUITIES GAIN FOOTING

Precious Metals are trading relatively flat through afternoon trading.  A stronger U.S. dollar, along with data showing a slowdown in Chinese manufacturing activity, have provided pressure to the metals.  However, even with today’s pullback, many have a positive outlook on Gold for the year.  Sharps Pixley chief executive officer Ross Norman told MarketWatch,  “There remains some skepticism amongst market professionals but we believe that 2013 will have marked the low tide in Gold prices, and 2014 bears the hallmark of being quite a positive year.  As always, markets do not move in straight lines, and the current price weakness is to be expected as people book profits.”

U.S. stocks showed signs of strength Thursday, rallying after data showed factory activity picked up in February.  Stocks around the world did not fare as well and have slowly been on the decline.  Nicholas Colas, chief market strategist at the ConvergEx Group in New York, said, “The manufacturing data is extremely positive, especially coming after a spate of bad news at a time when the (Federal Reserve) seems committed to slowing stimulus. It is good to see investors buying on dips, but I've also been hearing a lot more bearish chatter.”  A stronger U.S. equity market has historically provided pressure to Gold prices.

At 5:42 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,324.90, Up $2.50.
• Silver, $21.87, Down $0.05.
• Platinum, $1,420.00, Down $6.50.
• Palladium, $737.30, Up $0.90.

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