Mid-Day Gold & Silver Market Report – 2/25/2014
Ryan Schwimmer
2/25/2014 12:56:14 PM
U.S. DATA BOOSTS GOLD
The Gold price turned positive in morning trading, erasing losses after U.S. consumer confidence data disappointed markets. Mitsubishi analyst Jonathan Butler said, “The reading below 80 is seen as quite negative for the economic outlook and that seems to be proving sufficient to get above the rather sticky resistance level of $1,337 (per ounce). If we consistently break beyond there, then of course the potential is to make further gains right up to $1,360, although there may also be the potential for profit-taking at those levels.”
24/7 Wall Street’s Jon C. Ogg wrote that seven nations are buying the world’s Gold supply. Citing the World Gold Council’s research, the article showed that Russia, Turkey, Venezuela, the Philippines, Kazakhstan, South Korea, and Indonesia have been aggressive buyers of the yellow metal, which may come as a surprise to many. The World Gold Council’s report stated that there “remains little appetite from signatories to reduce their Gold holdings any further.”
At 1:38 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,344.60, Up $4.60.
- Silver, $22.02, Down $0.10.
- Platinum, $1,444.00, Up $0.60.
- Palladium, $736.90, Down $7.20.
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
