Daily Gold & Silver Market Report – 2/20/2015

Jennifer Carter

2/20/2015 9:24:00 AM

GOLD, PLATINUM GAP LARGEST IN ALMOST TWO YEARS       

Since Gold is generally looked at as a hedge during economic uncertainty, the price gap between Gold and Platinum is widening. At one point Friday morning, the price difference was $54, which is the highest spread between the metals since April 2013. “Gold's safe-haven credentials are much greater than Platinum's,” Capital Economics analyst Caroline Bain said. "Both Gold and Silver could benefit if the situation in the [eurozone] deteriorates, but I don't see the other Precious Metals benefiting. Increasingly, it's the industrial story that is important to them."

Gold’s rebound is due in part to weakened world shares and the result of Greece’s economic proposal. “Germany rejected the Greek proposal ... the market has had just a tiny knee-jerk reaction to that,” NRC Commodities analyst Andrey Kryuchenkov said. Despite the small rebound, Gold is heading for its fourth straightly weekly decline. U.S. jobless claims data helped boost the dollar, while the euro dipped on news that European Central Bank officials are preparing for Greece’s departure from the eurozone.

At 10:30 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,210.60 Up $0.20
• Silver, $16.46 Down $0.02
• Platinum, $1,165.00 Down $8.30
• Palladium, $781.50 Down $6.30

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