Mid-Day Gold & Silver Market Report – 2/7/2013
GOLD, EQUITIES DOWN FOLLOWING UP & DOWN MORNING
Gold is back down at mid-day today in turbulent trading that has seen the price fluctuate throughout the morning. “Gold is experiencing a volatile day,” Jeffrey Wright, managing director at Global Hunter Securities, said. Prices saw a large trading range “due to positive economic updates from ECB President Draghi at first, then followed by comments by the Chicago Fed President alluding to continued [quantitative easing] measures and elevated unemployment levels through 2014.” Though price remains down from where it was at the end of 2012, many analysts are still bullish on the future of the metal as ongoing monetary stimulus in the U.S. is expected to continue as economic experts predict unemployment levels to remain around 7 percent through the end of 2013.
Equities markets are also falling today as disappointing corporate earnings data and reports from European Central Bank president Mario Draghi stalled the market. However, as today’s slight dip represents a small break in what has otherwise been a strong beginning to the year, investors await more data to continue a rally in equities markets. “We’ve moved so far so fast that the market’s just looking for any kind of sign to take something off the table,” Mark Freeman, chief investment officer at Westwood Holdings Group Inc. in Dallas, said. “The market really needs a positive catalyst to take it higher.”
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,671.90, Down $7.40.
- Silver, $31.44, Down $0.48.
- Platinum, $1,723.60, Down $12.90.
- Palladium, $751.80, Down $14.10.
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