Mid-Day Gold & Silver Market Report – 2/12/2013

ECB CHIEF SUGGESTS CURRENCY WAR EXAGGERATED

The bottom for Gold seems to be tested as the Lunar New Year began Monday, taking some support out of the market for the week long celebration. “Today [the lower Gold price] is the fact that the market's been very much range-bound for a while, funds are still relatively long, with China on holiday there's an absence of physical interest underneath the markets,” FastMarkets.com analyst James Moore said. “The funds have taken advantage of some of that, and obviously decided to test the bottom and test the supports.”

European Central Bank (ECB) chief Mario Draghi confirmed today that exchange rates are imperative for substantial growth and price stability, adding that the supposed currency wars are overstated. “I think the term currency wars is way, way over done. We are not witnessing anything like that,” he said. 

At 1 p.m. (EST), the APMEX Precious Metals spot prices were:

• Gold, $1,651.00, Up $0.90.
• Silver, $31.06, Up $0.11.
• Platinum, $1,714.60, Up $18.50.
• Palladium, $772.50, Up $12.90.

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