Daily Gold & Silver Market Report–2/29/2016
Paul Stevens
2/29/2016 12:59:00 PM
GOLD CONTINUES RISE TOWARD BEST MONTH IN FOUR YEARS
Gold and other Precious Metals prices are following recent trends and gaining through Monday. February has been big for Gold as prices have increased almost 10 percent, the metal’s biggest monthly gain since January 2012. Demand for metals has increased recently on investor concern over the prospect of central banks switching to negative interest rates and the global economy continuing to struggle. UBS strategist Ramin Nakisa said, “Precious Metals saw very large inflows over the last month as negative rates and the prospect of a more dovish (U.S. Federal Reserve) make this zero-income safe haven asset more attractive.”
China’s central bank announced they will cut the amount of cash banks are required to keep on reserve for the fifth time this year. This move along with slightly higher oil prices have the S&P 500 on track for its first monthly gain of the year. The back-and-forth has caused many investors to look for direction. Jack Ablin, chief investment officer at BMO Private Bank in Chicago, said, “It's sort of like a sugar shock, a bump in near-term growth at the expense of longer-term credibility. I think investors are caught weighing the two.”
At 1:56 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,236.20 Up $14.00
- Silver, $14.95 Up $0.19
- Platinum, $931.70 Up $16.60
- Palladium, $494.20 Up $10.80
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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
