Mid-Day Gold & Silver Market Report – 2/25/2013
GOLD REBOUNDING AS INVESTORS EYE ITALIAN ELECTIONS, FED STIMULUS NEWS
Gold has recovered some of the ground it lost last week as a weaker dollar and uncertainty surrounding Monday’s general elections in Italy have boosted the metal as of mid-day. Voters in Italy are hoping today’s election can help form a successful government and begin progress towards economic improvement. Many global economists are closely eyeing the outcome of the elections, including Commerzbank analysts, who regard the election results to be “an indicator of whether the debt crisis in the eurozone could flare up again.”
As investors eye voter results from Italy, a credit downgrade of Great Britain and news of Japan’s commitment to its extremely loose monetary policy have also helped prop up Gold and other Precious Metals for the week’s first trading session. Liberal government spending policies have proven extremely positive for Precious Metals in the past. With news centering around Europe today, U.S. investors will be intently focused on Fed Chairman Ben Bernanke’s semi-annual monetary policy report due to be released February 27. “Ben Bernanke may quell speculation about a halt to quantitative easing, supporting Gold,” Saxo Bank head of commodity strategy Ole Hansen said. If Bernanke quashes stimulus termination rumors, Gold has the potential to compound earnings following last week’s massive price drop.
At 11:46 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,591.20, Up $16.90.
- Silver, $28.08, Up $0.56.
- Platinum, $1,614.50, Up $6.10.
- Palladium, $745.80, Up $9.50.
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