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Morning Gold & Silver Market Report – 2/2/2012

BERNANKE WARNS CONGRESS OF ‘SUDDEN FISCAL CRISIS'  

Precious metals prices gained this morning amid a speech by Federal Reserve Chairman Ben Bernanke. Bernanke warned Congress that unless fiscal policy is on a sustainable path, this country is at a risk of a sudden fiscal crisis. “Although historical experience and economic theory do not indicate the exact threshold at which the perceived risks associated with the U.S. public debt would increase markedly, we can be sure that, without corrective action, our fiscal trajectory will move the nation ever closer to that point,” Bernanke said.

Gold may also be benefiting from other factors. Commodity demand was boosted by the U.S. jobless claims report, which showed that claims fell last week. Scott Gardner, chief investment officer at Verdmont Capital SA, said, “When economic news comes in better than expected, it boosts commodities, including Gold, as deflationary concerns subside.” Gold demand in India is significantly above average, according to UBS.  India has been the largest Gold consumer in the world in recent years. UBS added that new investors are coming into the Gold market for the first time in three months, thanks largely in part to the potential for quantitative easing. Edel Tully, a UBS analyst, said that such easing could give Gold “explosive ingredients” in 2012.

At 9:44 a.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,757.20 – Up $9.20.
  • Silver - $34.20 – Up $0.32.
  • Platinum - $1,630.40 – Up $6.20.
  • Palladium - $706.40 – Up $8.70.

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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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