Mid-Day Gold & Silver Market Report – 1/25/2013
CHINA SEES POTENTIAL IN SILVER; HOME SALES DIP
The commerce department today said that home sales dropped 7.3 percent last month, a number below analysts forecasts. This number may be taken with a grain of salt because this government data is subject to revision. Case in point, November 2012’s numbers have been adjusted up making it the best month since November 2010. Economists think home building added to economic growth in 2012.
In a turn for the Silver price, Mark Thomas, author of email-alert service provider SilverPriceAdvisor.com, said, “Investment demand, not industrial demand, is what drives Silver prices right now.” He continues on to say, “World investment demand is starting to really pick up.” In China, retail investment demand is forecast to grow. Due to the higher price point of Gold, Silver is becoming a more popular investment metal. Some traders see that fact that the U.S. mint sold out of Silver American Eagles earlier this month as a good sign.
At 1:20 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,660.20, Down $11.70.
- Silver, $31.24, Down $0.52.
- Platinum, $1,694.00, Up $10.20.
- Palladium, $742.00, Up $14.30.
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