Closing Gold & Silver Market Report – 2/25/2014
Ted Prince
2/25/2014 4:02:00 PM
GOLD UP SLIGHTLY; STOCKS FAIL TO REACH RECORD HIGH
The Gold price remains in positive territory again today as wavering economic news has pushed the yellow metal to its highest level in 17 weeks. “People are concerned about U.S. economic growth, and that’s why many people have turned bullish,” Archer Financial Services senior market strategist Adam Klopfenstein said. “Gold is also finding some support from the ongoing political turmoil” in Ukraine, he added. Weak U.S. consumer confidence along with a strong possibility of credit default in Ukraine is helping buoy Precious Metals today. Ongoing uncertainty regarding domestic and global economic health has lifted Gold 12 percent since the beginning of the year.
The S&P 500 was unable to break its record high for a second straight day as consumer confidence faltered and home prices dipped. “We’re kind of teetering with the new all-time high,” Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research, said. “People are taking a step here and watching to see if we can get there again.” As markets continue to perform well through February, U.S. investors continue to look to macroeconomic data both home and abroad for signs about the future of equities markets.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,343.00, Up $3.00.
- Silver, $21.93, Down $0.19.
- Platinum, $1,442.00, Down $1.40.
- Palladium, $734.70, Down $9.30.
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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
