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Morning Gold & Silver Market Report – 2/7/2013

EUROPEAN CENTRAL BANK KEEPS RATES LOW

The ECB met overnight Thursday deciding to keep its main interest rate at 0.75 percent. Economists speculated last week that the ECB wouldn’t change rates till Summer 2014. The ECB made no other monetary policy decisions, but investors are looking to see how much further the euro can rise before the ECB needs to be worried. Citi economist Juergen Michels said, “The question will now be what tone the news conference will take. We expect the ECB to strike a more cautious tone.” The euro is near a fifteen month high.

The Gold price has been trading in a tight range and the ECB’s meeting didn’t change that. The euro is often seen to dictate Gold’s price movements as Gold has a positive correlation to the euro and a negative one to the U.S. dollar. The Gold price has been slow to rise this year on signs of an improving global economy when investors shift to more risky assets. Gold has also slowed down before the long Lunar New Year break. The improved economy has been a boon to Platinum and Palladium, which are near seventeen month highs.

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,677.20, Down $2.10.
  • Silver, $31.85, Down $0.7.
  • Platinum, $1,736.50, Up $0.00.
  • Palladium, $765.40, Down $0.50.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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