Morning Gold & Silver Market Report – 2/13/2013
CONSUMER SPENDING UP SLIGHTLY; MARKET LOOKING FOR DIRECTION
Gold and Silver prices recovered from early losses and stock futures held onto gains after January’s retail report. As analysts expected, retail sales grew just 0.1 percent in January, suggesting that tax increases at the beginning of the year stifled consumer spending. After a revision to November’s report, retail sales showed a 4.4 percent increase in all of 2012, beating the year’s inflation rate.
MKS’ head of trading Afshin Nabavi said of Gold, “The market is looking at anything for direction for the time being and players are awaiting the [Group of 20 meeting] at the end of the week as something that could provide it.” Sharps Pixley said in a note, “Given China is on holiday this week to celebrate the Lunar New Year, physical Gold demand on the Shanghai (Gold) Exchange is expected to slow down after a year-on-year jump of 10 percent in January and February.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,653.20, Up $2.60.
- Silver, $31.18, Up $0.11.
- Platinum, $1,732.10, Up $14.90.
- Palladium, $773.30, Up $0.90.
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