Daily Gold & Silver Market Report–2/24/2016

Brandi Brundidge

2/24/2016 9:37:00 AM

GOLD TOP PERFORMER IN 2016; U.S. STOCK MARKET SUFFERS

Gold has been the best performing commodity so far in 2016, increasing by 16 percent as crude oil fell 17 percent and global equities dropped 8 percent.  An optimistic Gold forecast has been presented by Oversea-Chinese Banking Corporation (OCBC) economist Barnabas Gan, who believes the yellow metal could reach $1,400 per ounce in 2016 if global economic conditions persist.  “Amid the global equity downturn, very low oil prices and magnified risk aversion seen since the start of the year, one hero stood up strong, providing shelter,” Gan wrote in a Feb. 19 report, describing the metal as “Gold, the superhero” in a headline. Bloomberg ranked OCBC as the top Precious Metals forecaster for the final quarter of last year.

The U.S. stock market is heavily influenced by falling oil prices as both the Dow Jones industrial average and S&P 500 revealed their worst losses in a week, deleting Monday’s gains.  “Market sentiment is once again back under pressure with the continuation of yesterday’s slide which has come with markets being dragged lower by a falling oil price. It is incredible how markets are now turning on almost every word from the oil ministers of the Middle East,” Hantec Markets market analyst Richard Perry in a note. Investors are carefully watching the stock market and are moving out of risk-sensitive assets such as equities and into a safe-haven asset such as Gold.

At 10:37 A.M. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,253.10 Up $28.70
• Silver, $15.64 Up $0.34
• Platinum, $954.20 Up $10.70
• Palladium, $497.40 Down $3.60

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