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Precious Metals Prices Soar On Investor Fears
Posted February 14th, 2014

Laguna Beach, CA, Feb 14 (Tangible Investments) - Precious metals have extended their rallies in early morning trade with Gold climbing to $1,317.33 an ounce after rising $10.21 or 0.79 percent to close at $1,302.08 an ounce on Thursday. Gold remains on pace for its largest weekly gain since mid-October, after a raft of weak economic data raised investor fears that the economy may be slowing. Silver is currently trading at $21.10 an ounce, its highest level since November, after closing at $20.42 an ounce on Thursday as it heads for a second straight weekly gain.
 
IiTrader's Rich Ilczysyzn told CNBC on Thursday that gold's rise above $1,300 an ounce could very well attract more buyers. That move "is a headline, and gold is a very emotional trade," said Ilczysyzn. "The longer it stays above $1,300, the more people are going to come in." Gold continues to attract safe-haven buying from emerging market nations worried about their economies, as well, says Charlie Nedoss, with LaSalle Futures Group. And…he adds…that includes physical buying in China.
 
“We’re continuing to see physical buying,” says Nedoss. “The paper market is starting to catch up with the physical market in terms of demand.” Nedoss went on to suggest that while it may be difficult to make a strong case for inflation, food costs and crude oil prices are rising, and gold is probably the single best hedge against inflation.
 
“Gold prices have been holding support, which makes it an attractive investment,” said Bill Baruch, of iiTrader. Baruch says that silver may be the key to gold remaining at current levels, since silver has lagged the rally and should be much higher compared to gold. “If silver can get moving it might be able to push gold higher,” said Baruch. George Gero, of RBC Capital Markets Global Futures, said that he expects gold to hold at these levels, adding that “Investors are looking for solid reasons to own gold and those reasons are now here.”
 
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