Mid-Day Gold & Silver Market Report – 2/24/2014

Ted Prince

2/24/2014 2:40:00 PM

GOLD CONTINUES RISE DESPITE WEAK GLOBAL DATA

Concerns over the growth of the global economy have lifted Gold to its highest level in 3 ½ months as investors seek security following sluggish economic reports in the U.S. and China.  "Short-term sentiment towards [G]old is pretty positive, but the metal should break through $1,337 to gain further momentum," Sharps Pixley director Ross Norman, said.  Though early February saw Gold rallying as investors reacted to wavering equities, both Precious Metals and stocks are now receiving a boost. 

U.S. stocks have risen today as a surge in Ukrainian shares and mounting confidence in overcoming monetary stimulus tapering have pushed the S&P 500 to its highest level to date.  “The market is really willing to focus on the positives and dismiss the negatives,” Mark Freeman, chief investment officer at Westwood Holdings Group Inc., said. “We’re just seeing a shift in mentality. The market is, on the forward basis, operating on the assumption that the economy is going to continue to improve and corporate profits are going to continue to grow at some rate.”  With mixed data coming from China in recent months, markets will continue to weigh reports from the eastern powerhouse to see if global growth will be sustained in 2014. 

At 3:39 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,338.80, Up $13.20.
• Silver, $22.08, Up $0.24.
• Platinum, $1,440.60, Up $10.70.
• Palladium, $741.90, Up $0.90.

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