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Mid-Day Gold & Silver Market Report – 2/25/2013

GOLD REBOUNDING AS INVESTORS EYE ITALIAN ELECTIONS, FED STIMULUS NEWS

Gold has recovered some of the ground it lost last week as a weaker dollar and uncertainty surrounding Monday’s general elections in Italy have boosted the metal as of mid-day. Voters in Italy are hoping today’s election can help form a successful government and begin progress towards economic improvement. Many global economists are closely eyeing the outcome of the elections, including Commerzbank analysts, who regard the election results to be “an indicator of whether the debt crisis in the eurozone could flare up again.”

As investors eye voter results from Italy, a credit downgrade of Great Britain and news of Japan’s commitment to its extremely loose monetary policy have also helped prop up Gold and other Precious Metals for the week’s first trading session. Liberal government spending policies have proven extremely positive for Precious Metals in the past. With news centering around Europe today, U.S. investors will be intently focused on Fed Chairman Ben Bernanke’s semi-annual monetary policy report due to be released February 27. “Ben Bernanke may quell speculation about a halt to quantitative easing, supporting Gold,” Saxo Bank head of commodity strategy Ole Hansen said. If Bernanke quashes stimulus termination rumors, Gold has the potential to compound earnings following last week’s massive price drop.

At 11:46 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,591.20, Up $16.90.
  • Silver, $28.08, Up $0.56.
  • Platinum, $1,614.50, Up $6.10.
  • Palladium, $745.80, Up $9.50.

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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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