Morning Gold & Silver Market Report – 2/26/2014
Ryan Schwimmer
2/26/2014 8:13:02 AM
GOLD DOWN AFTER EARLY GAINS
The Gold price hit a fresh three-month high before profit-taking cut into gains in early-morning trading. Saxo Bank senior manager Ole Hansen said, “At the moment the market is reacting to weaker data from China and the U.S. on the assumption that if economic slowdown is confirmed then there may be some scaling back of [Federal Reserve] tapering.” Fed Chairwoman Janet Yellen is due to give testimony to Congress and investors are expecting her to face questions regarding weak economic data.
MarketWatch’s Matthew Lynn believes there are three warning signs that Gold is trying to give investors. He wrote, “Investors buy Gold in times of economic turmoil. So what kind of warning is the Precious Metal sending us right now? There are three possibilities — a crash in China, the arrival of deflation, and a fresh recession in the developed world. Whichever it is, Gold had been more often right than wrong in the past — and it would be foolish to ignore it now.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,335.30, Down $9.40.
- Silver, $21.66, Down $0.36.
- Platinum, $1,436.50, Down $8.10.
- Palladium, $733.80, Down $3.40.
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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
