Daily Gold & Silver Market Report–2/10/2016

Brandi Brundidge

2/10/2016 9:02:00 AM

INVESTORS HEAD TOWARD HARD ASSETS; FED RECOGNIZES ECONOMY’S POSITION

Gold’s performance so far through 2016 has been outstanding.  The yellow metal has outperformed other major assets, seeing an increase of 12 percent in the past six weeks. "If you're worried about your equity portfolio going lower, you buy Gold as a hedge. If you did that January 1st this year, it's worked wonderfully," Harvest Volatility Advisors options trader Dennis Davitt said Tuesday on CNBC's "Power Lunch."  For the first time, the Japanese 10-year bond yield fell to a negative interest rate. This news could catch investors’ attention and sway them into purchasing a safe-haven asset, such as Gold.  "One of the assets that I never liked for my whole trading career was gold," Davitt said in a CNBC "Trading Nation" segment. "But now ... if you have to pay money to store your assets somewhere, I'd rather store a hard asset like Gold than something like paper currency."

Federal Reserve Chair Janet Yellen gave a prepared testimony to Congress Wednesday. Yellen focused on the U.S. economy, describing it as solid, but acknowledged certain global financial factors could throw it off course in the future.  Yellen mentioned even with a tumbling stock market and China’s growth concerns, the U.S. should remain on a path of moderate growth, which would allow the Fed to make gradual changes to fiscal policy if needed.

At 10:00 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,193.70 Down $7.00
• Silver, $15.30 Down $0.20
• Platinum, $930.40 Down $9.10
• Palladium, $516.20 Down $1.60

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