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Mid-Day Gold & Silver Market Report – 2/20/2013

GOLD LOOKS TO CHINA FOR SUPPORT

The Gold price moved lower today due to rumors of the United States Federal Reserve curbing its monetary easing program. As the economy improves, investors look toward higher risk investments and away from lower risk investments such as Gold. However, “Fundamentals for Gold haven't really changed, but other asset classes have now become more attractive, and that's leaving prices largely range-bound,” Tobias Merath, global head of commodity research at Credit Suisse, said.

One of the main players in the global Gold market is China. Last week, the Chinese markets were closed for their annual Lunar New Year holiday. Now that the market is back in session and Gold prices have dipped, there is good reason to believe physical buying will be picking up. Frederic Panizzutti, senior vice president at MKS Finance Geneva, explained, “What can and will probably make a dent in the recent downward direction is the opportunistical buying to take advantage of the sharp recent price decline. All factors that led Gold toward higher levels over the last three years are still intact and we would see no reason why the medium term trend would have changed.” Ole Hansen of Saxo Bank added it may take some time to see the true affect of the physical buying of Gold. “Actual confirmation will more be highlighted when we see monthly data on Hong Kong exports into China,” Hansen said.

At 12 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,582.10, Down $23.10.
  • Silver, $28.69, Down $0.79.
  • Platinum, $1,646.00, Down $51.50.
  • Palladium, $736.80, Up $28.40.

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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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