Morning Gold & Silver Market Report – 2/8/2013
PLATINUM TO OUTPERFORM GOLD?
Precious Metals prices are relatively flat this morning, following the euro’s lead, as has been the case recently. The Platinum price, however, seems to be getting more attention from analysts. Strategists at Commerzbank said, “Given the concerns about further production losses in South Africa, we expect Platinum to continue its advance and maintain its lead over Gold.” Gold isn’t completely under the radar, however, as the majority of voters in a recent CNBC poll showed that they were still buying the yellow metal.
Good news for the economy was released this morning in a report showing that the U.S. economy did better than initially estimated in the fourth quarter. The trade deficit narrowed to $38.5 billion, beating estimates of $46 billion. One focal point in the trade deficit, however, has been China. The U.S. trade deficit with China actually grew, though the numbers still showed that both imports from and exports to China are at record highs.
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,667.90, Down $3.90.
- Silver, $31.44, Down $0.01.
- Platinum, $1,716.90, Down $5.40.
- Palladium, $747.40, Down $4.10.
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