Morning Gold & Silver Market Report – 2/12/2013
NUCLEAR TEST, G7 ANNOUNCEMENT MOVE GOLD PRICE
Gold and Silver prices are mostly flat this morning as Platinum and Palladium prices increase. The U.S. dollar is falling after an announcement by the Group of Seven industrialized countries that they would allow exchange rates to be determined by the market without interfering. Platinum and Palladium, the industrial metals, continue to have a strong outlook as the economy improves and supply concerns mount.
The Gold price received a slight bump in overnight trading as North Korea conducted its third nuclear test, but the bump didn’t last. This could be a sign that Gold’s safe haven appeal is taking a back seat to the aforementioned currency trading scene. Historically, investors flock to safe havens when geopolitical issues arise, and it appears that was the initial reaction of investors overnight. In a statement, a North Korean official said, “If the U.S. continues to be hostile until the end and complicates affairs, we cannot but consecutively take high-level secondary and third measures.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,649.00, Down $1.10.
- Silver, $30.90, Down $0.05.
- Platinum, $1,710.00, Up $13.90.
- Palladium, $766.80, Up $7.20.
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