Closing Gold & Silver Market Report – 2/6/2013
GOLD, STOCKS STAGNATE AS PLATINUM SURGES
Gold continues to hover inside a narrow range as a low volume trading day has kept the price fairly flat. The upcoming European Central Bank meeting and recent pressure on equities markets have failed to cause significant price movement for the yellow metal. However, as Gold stalled today, the Platinum price is up 1.5 percent as concern over production output in South Africa (the world’s largest extractor of Platinum) and a positive global economic growth outlook have increased the demand for the largely industrial metal. With equities markets and industrial commodities rallying since the beginning of the year, Gold has taken a breather as the metal awaits more strident news to break it free from its current range.
After a shaky start to the trading day, stocks ended the day up as recent gains continue to an earnings-based rally. Dan Greenhaus, chief global strategist at BTIG, commented on today’s modest gains, saying, “It’s still an earnings-driven story. Based on investor reaction to consumer stocks, the consumer isn’t doing all that bad.” Much hesitancy remains among investors who are still skeptical about recent gains and U.S. monetary policy. With no foreseeable end to loose spending measures from Washington, speculators predict another year of gains in the Gold price.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,678.60, Up $4.60.
- Silver, $31.88, Down $0.04.
- Platinum, $1,738.00, Up $30.80.
- Palladium, $764.80, Down $1.70.
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