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Morning Gold & Silver Market Report – 2/19/2013

SEQUESTER BEGINS MARCH 1, COULD WORK AGAINST ECONOMY

Gold and Silver prices gave up some early gains this morning, as investors seem to have a better opinion of the global economy.  However, there is much discussion around the beginning of the automatic spending cuts that would come with the sequester in the U.S.  “There is no real negotiation between Democrats and Republicans on a compromise and the beginning of the sequester on March 1, therefore seems to be inevitable,” strategists at R.J. O’Brien wrote.  They continued, “Once the spending cuts hit, Republicans and Democrats will assess the extent of the stock market damage and any public outcry at defense industry layoffs, furloughs of government workers, and cuts in services for services such as meat inspections and flight controllers.”  In the past, economic uncertainty has been a boon for the Gold price.

With the better opinion of the economy specifically in the U.S., the dollar is gaining on its rivals.  Historically, a stronger dollar has meant a lower Gold price, and it’s clear that the dollar is working against the Gold price at the moment.  Physical demand, of course, is the other side to the story, and Yuichi Ikemizu of Standard Bank said, “We have seen very good physical demand from Southeast Asia and China.  Asians are buying, but it is offset by the selling from funds in the Western market.”

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

  • Gold, $1,611.20, Up $0.80.
  • Silver, $29.96, Up $0.06.
  • Platinum, $1,686.10, Up $8.40.
  • Palladium, $765.40, Up $11.30.

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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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