Closing Gold & Silver Market Report – 2/24/2014

Brandi Brundidge

2/24/2014 4:46:00 PM

PRECIOUS METALS RISE WITH SAFE HAVEN APPEAL

Precious Metals are on the rise today from investor concern over poor U.S. economic data along with Ukrainian financial woes as the nation expressed it requires $35 billion to avoid monetary default on its debt.  “There is some safe-haven buying because of continued signs of slowing growth in the U.S,” R.J. O’Brien & Associates senior commodity broker Tom Power said in a telephone interview. “Concerns about Ukraine remain.”  Gold has rebounded 11 percent so far in 2014 even as the Federal Reserve continues to taper its fiscal policy, which shows the economy is improving and the dollar is strengthening.  Gold has been and likely always will be seen as a safe haven asset against the unknown. 

As the U.S. economy continues to report weaker than expected news, the blame remains on severe weather seen nationwide, but that may not be accurate. "The mantra of late when it comes to assessing the high frequency economic data has been to blame it on the weather," Tom Porcelli, chief U.S. economist at RBC Capital Markets, said in a report. "But it seems to us that folks are all too eager to dismiss what could potentially be some real underlying weakness."  Porcelli went on to note that some activity measures would relate to weather, however nonfarm payrolls, retail sales and housing sales would not necessarily be affected by this as they have reflected poor numbers overall. 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,338.60, Up $13.00.
• Silver, $22.03, Up $0.19.
• Platinum, $1,439.90, Up $10.00.
• Palladium, $742.50, Up $1.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.