Daily Gold & Silver Market Report–2/22/2016
Paul Stevens
2/22/2016 12:27:00 PM
METALS PRESSURED AS DOLLAR SHOWS STRENGTH
Precious Metal prices are on the move Monday morning, giving back some of their recent gains. Recent global market struggles, oil continuing to slump and concern over U.S. interest rates have strengthened the demand for Gold while pressuring the U.S. dollar. Although the dollar has struggled recently, a small increase Monday boosted investor sentiment and is stirring an appetite for riskier investments. However, some think the rally will be short lived. Citi strategist David Wilson said, “Despite the move lower, the contagion of negative interest rates elsewhere signal that Gold is not suddenly going to retrace its way back to its lows.”
Key manufacturing data released Monday showed U.S. manufacturing sentiment fell to its lowest point since 2009. This is cause for concern as a continued slump could have big effects on the U.S. economy. Markit Chief Economist Chris Williamson said, “U.S. factories are reporting the worst business conditions for over three years. Every indicator from the flash PMI survey, from output, order books and exports to employment, inventories and prices, is flashing a warning light about the health of the manufacturing economy.”
At 1:25 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,212.70 Down $20.10
- Silver, $15.24 Down $0.19
- Platinum, $926.70 Down $18.90
- Palladium, $499.60 Down $0.40
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.
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
