Mid-Day Gold & Silver Market Report – 2/21/2014

Paul Stevens

2/21/2014 1:32:00 PM

PRECIOUS METALS PROVIDED BOOST; U.S DOLLAR STRUGGLING

Precious Metal prices have rebounded from yesterday’s losses and are trading higher through mid-day trading.  Violence around the world has boosted Gold’s safe-haven appeal. That coupled with traders awaiting direction from upcoming speeches by Federal Reserve officials have been positive for metal prices. Gary Dugan, chief investment officer for Asia and the Middle East at Coutts said, Gold is “attractive as a hedge against exposure to emerging-market assets, acting as a stabilizer when emerging economies suffer wobbles.  Recent events, for example in Turkey, show that these risks haven’t disappeared, and that problems in individual countries can trigger fresh demand for gold.”

The U.S. dollar declined on Friday after a release of U.S. housing data showed a weaker than expected housing market.  Scott Smith, senior corporate foreign exchange trader at Cambridge Mercantile Group in Calgary, Canada stated, “The weak existing home sales data was a negative for the U.S. dollar and helped the euro.”  Historically, as the U.S. dollar has declined Precious Metals prices have risen.

At 2:32 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,329.80, Up $10.90.
• Silver, $21.97, Up $0.23.
• Platinum, $1,431.70, Up $17.20.
• Palladium, $741.10, Up $3.80.

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