PRECIOUS METALS CONTINUE TO SLIDE
A series of blows to Gold’s fundamentals have pushed the safe haven investment near the $1,600 range today. Upbeat U.S. industrial data, a positive statement from the G20 about global currencies, and news that George Soros cut his holdings on Gold are acting as a weight on the Gold price. Earlier in trading, Gold hit a low of $1,596.70. The selloff may also have been a bit of bad timing. GoldCore Director Mark O’Byrne said, “Lack of physical demand from Asia in recent days and today may have exacerbated the sell off.” Much of the Asian markets are celebrating the Lunar New Year and are set to reopen Monday.
U.S. stocks are steady as of mid day but in separate reports consumer confidence rose to a three-month high and the New York region’s manufacturing unexpectedly expanded. David Chalupnik, head of equities at Nuveen Asset Management in Minneapolis said, (today’s economic data) “is confirming things are getting better. This is not a high-growth economy, but it’s an economy with more sustainability behind it.”
For a refreshing look into the Precious Metals market, watch our CEO Michael Haynes in his interview today on CNBC’s Worldwide Exchange.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,607.20, Down $29.30.
- Silver, $29.88, Down $0.57.
- Platinum, $1,678.70, Down $32.20.
- Palladium, $755.40, Down $9.70.
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