Closing Gold & Silver Market Report – 2/26/2014

Brandi Brundidge

2/26/2014 4:29:00 PM

METALS LOSE MOMENTUM FROM NEW HOME SALES, PROFIT TAKING

Precious Metals fell today due to new U.S. home sales spiking to a five-year high, pulling the dollar up for its largest gain in three weeks.  Commerce Department data showed new home sales rose to 9.6 percent, which was better than economists surveyed by Bloomberg expected.  Precious Metals were affected by profit taking as well, as Gold reached a 17-week high, rising 10 percent this year.  Federal Reserve Chairman Janet Yellen testifies before a Senate panel Thursday where she may discuss plans of tapering the Fed’s fiscal policy further. 

U.S. economic data remains a key factor for future market movement and whether or not the Federal Reserve will continue with its tapering measures.  The Fed has already cut back its monthly bond buying program by $20 billion a month with anticipation of more to come at next month’s policy meeting.  Comments by various Fed presidents show that they’re not completely confident in how Congress has progressed with stabilizing the nation’s job and housing market.  "If the fiscal and regulatory authorities that you elect and put into office to craft taxes, spending and regulations do not focus their efforts on providing incentives for businesses to expand job-creating capital investment rather than bicker with each other for partisan purposes, our economy will continue to fall short and the middle-income worker will continue being victimized, no matter how much money the Fed prints," Dallas Fed President Richard Fisher said in remarks before the Dallas and Fort Worth chapters of Financial Executives International.

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

• Gold, $1,331.80, Down $12.90.
• Silver, $21.28, Down $0.75.
• Platinum, $1,431.50, Down $13.10.
• Palladium, $731.40, Down $5.80.

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