Mid-Day Gold & Silver Market Report – 2/8/2013
ECB CHIEF COMMENTS TIE GOLD TO EURO
Precious Metals prices continued to trade in a tight range this morning with very little movement in either direction. After yesterday’s statements by European Central Bank chief Mario Draghi that the central bank will keep interest rates low and that there are downside risks to the economy in the eurozone, the Gold price remains closely tied to the euro. “Investor risk appetite will keep Gold in check ... and trade will be very much euro driven after Draghi’s comments,” Commerzbank analyst Eugen Weinberg said.
The U.S. stock market rose today after the release of data that showed that trade between China and the U.S. was very strong in the fourth quarter of 2012. Paul Nolte of Dearborn Partners said, “Markets are going sideways to work off that bullish run, and from a bullish perspective that’s a good thing.” In an interesting note, Moody’s Corp shares are hurting today, after it was announced that it was one of the three major credit ratings agencies being investigated for potential misconduct by a New York-based attorney.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,667.40, Down $4.50.
- Silver, $31.46, Up $0.02.
- Platinum, $1,715.20, Down $7.10.
- Palladium, $752.00, Up $0.60.
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