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Market Reports

Closing Gold & Silver Market Report – 2/2/2012

Gold & Silver Up Ahead of Jobs Report

While the stock market was relatively flat in anticipation of Friday’s government monthly employment report, gold and silver experienced solid gains on the day. Of course, rising gold and silver prices might have more to do with remarks by Federal Reserve Chairman Ben Bernanke. Testifying before Congress, Mr. Bernanke defended Fed policy against harsh criticism that recent Fed decisions risked igniting inflation. Mr. Bernanke defended these decisions as necessary in a still struggling economy.  He further stated that our sluggish economy is vulnerable to shocks.

Chinese Premier Wen Jiabao has raised the prospect that China might be willing to provide assistance to the euro – bailout efforts. Reportedly, he told German Chancellor Angela Merkel that China might be willing to consider funding the European Stability Mechanism through the International Monetary Fund. Premier Wen Jiabao said that China “investigating and evaluating ways, through the IMF, to be more deeply involved using the ESM and EFSF channels in solving the European debt issue.”

At 4PM the APMEX precious metal prices were:

  • Gold price -  $1,757.50 – up $9.50
  • Silver price - $34.31 – up 43 cents
  • Platinum price - $1630.20 – up $6.00
  • Palladium price - $708.30 – up $10.50

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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