Morning Gold & Silver Market Report – 2/6/2013
BOND-FUND CHIEF PICKS GOLD
Precious Metals prices are fluctuating this morning, with Gold flat, Silver and Palladium down, and Platinum up more than one percent. PIMCO’s Bill Gross picked Gold as his Number One investment for 2013. He said, “The real risk to the financial markets is the marginal proclivity of investors to put their money in real assets, or under the mattress. Thus, my first recommendation is [an investment in Gold].” Felix Zulauf of Zulauf Asset Management said, “It’s a special sign of our times that the head of the leading bond fund picks Gold as his first recommendation.”
The Gold price recovered from early losses this morning as U.S. stock futures turned lower. The large sell-off of stocks on Monday was a reminder that “there’s really some problems with the economy and in Europe,” according to Henrik Drusebjerg of Nordea. “The European debt crisis is far from over and politicians can still screw this up. I think that will be something we will be reminded of from time to time during 2013.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,675.90, Up $1.90.
- Silver, $31.68, Down $0.23.
- Platinum, $1,727.90, Up $20.70.
- Palladium, $761.80, Down $4.70.
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