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Market Reports

Closing Gold & Silver Market Report – 2/1/2012

DOLLAR FALLS AS EUROPE LOOKS MORE STABLE   

Precious metals prices rose slightly today as the market absorbed positive news surrounding the German economy. This news gave investors a sense of stability in European markets, as investors are hopeful that a resolution to the ongoing saga of European debt will soon come to a close. The dollar fell against the euro, pushing up metals prices despite positive news about declining unemployment in the U.S.

On the heels of the positive news out of the eurozone, China also released manufacturing data today. While economists expected a contraction of the Chinese economy, the data indicate a slight rise in Chinese manufacturing, giving a sign that China may be healthier than what market participants think. The increase in manufacturing in China and Germany may be one reason for Platinum’s large gain today, since Platinum demand comes largely from the manufacturing sector.

Philadelphia Federal Reserve Branch President Charles Plosser made sharply critical remarks about Fed President Ben Bernanke’s decision to announce plans to keep interest rates at current low levels until at least 2014. “Such statements are, in my mind, particularly problematic from a communications perspective,” Plosser said. “Monetary policy should be contingent on the economic environment and not on the calendar.”  Bernanke’s announcement was intended to stimulate the economy but had a negative effect on the value of the dollar.

At 4 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,744.70 – Up $5.80.
  • Silver - $33.75 – Up $0.42.
  • Platinum - $1,620.40 – Up $31.30.
  • Palladium - $699.00 – Up $11.70.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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