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Mid-Day Gold & Silver Market Report – 2/7/2013

GOLD, EQUITIES DOWN FOLLOWING UP & DOWN MORNING

Gold is back down at mid-day today in turbulent trading that has seen the price fluctuate throughout the morning. “Gold is experiencing a volatile day,” Jeffrey Wright, managing director at Global Hunter Securities, said. Prices saw a large trading range “due to positive economic updates from ECB President Draghi at first, then followed by comments by the Chicago Fed President alluding to continued [quantitative easing] measures and elevated unemployment levels through 2014.” Though price remains down from where it was at the end of 2012, many analysts are still bullish on the future of the metal as ongoing monetary stimulus in the U.S. is expected to continue as economic experts predict unemployment levels to remain around 7 percent through the end of 2013.

Equities markets are also falling today as disappointing corporate earnings data and reports from European Central Bank president Mario Draghi stalled the market. However, as today’s slight dip represents a small break in what has otherwise been a strong beginning to the year, investors await more data to continue a rally in equities markets. “We’ve moved so far so fast that the market’s just looking for any kind of sign to take something off the table,” Mark Freeman, chief investment officer at Westwood Holdings Group Inc. in Dallas, said. “The market really needs a positive catalyst to take it higher.”

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

  • Gold, $1,671.90, Down $7.40.
  • Silver, $31.44, Down $0.48.
  • Platinum, $1,723.60, Down $12.90.
  • Palladium, $751.80, Down $14.10.

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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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