PHYSICAL DEMAND BOOSTS GOLD’S PRICE
Precious Metals prices are rising this morning, thanks to a rise in physical demand due to the recent falling prices. Deutsche Bank analyst Daniel Brebner said, “We’re not out of the woods yet, and there is still much that the world economy needs in terms of support from monetary policy. The whole debt situation remains a major challenge, and accommodative monetary policy is very much seen as a way to minimize the negative repercussions of that. So I don’t believe the Gold story is over, but certainly, the market is likely to continue to pause.”
U.S. stock futures are mostly flat as the beginning of earnings season has arrived. Recent data out of Germany showed that industrial orders are down more than expected. This is causing some concern with investors, as it is a sign that the eurozone’s largest economy is shrinking. Kim Forrest explained the relatively small impact the news had on stock futures. Forrest said, “I’m surprised future are holding up, given the relative disappointment that German data showed, but I think all eyes are on the beginning of earnings season.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,655.50, Up $7.10.
- Silver, $30.34, Up $0.23.
- Platinum, $1,568.00, Up $12.70.
- Palladium, $674.30, Up $3.30.
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