Morning Gold & Silver Market Report – 2/21/2013
GOLD TAKES A BEATING, INVESTORS SEE BUYING OPPORTUNITY
The Gold price fell more than 2.5 percent on Wednesday, the biggest drop since July of last year. Yesterday saw heavy Gold selling on Comex and a variety of other channels. Standard Chartered analyst Dan Smith said, “Investor selling has been seen on the futures exchanges and in the physical ETFs, and partly that has been driven by what the Fed's going to do, and whether it's going to back away from QE earlier than expected.”
It isn’t all doom and gloom for the Gold price; these lower prices present excellent opportunities for investors to buy. In overnight trading Gold has recovered some as analysts and traders have reported high volumes on the Shanghai Gold Exchange. The lower price seems to have attracted buying interest from one of the world’s largest populations of Gold consumers.
New jobless claims were released this morning, and the numbers are higher than expected. The government reported 362,000 new claims for jobless benefits. The government went on to say that the number of claims still remains at levels consistent with a steady improvement in labor markets. At the same time the government is reporting the consumer price index rose 0.3 percent, the largest gain since May 2011.
At 9:10 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,571.20, Down $8.30.
- Silver, $28.66, Down $0.03.
- Platinum, $1,609.30, Down $38.80.
- Palladium, $723.60, Down $13.80.
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