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Morning Gold & Silver Market Report – 2/16/2012


According to the World’s Gold Council’s annual report, the demand for Gold reached an all-time high in 2011. This was largely because of increased buying in China, India and Europe. Germany and Switzerland were the leading buyers in Europe. The report states that the reason for the increased demand in that part of the world is related to the European debt crisis driving investors to safe-haven investments.

Another significant Gold-buying event was also covered in this report. Most investors know that in 2010, central banks became net buyers of Gold for the first time in decades. Before 2010, central banks generally sold more Gold than they bought, thus adding to the Gold supply. In 2010, they began competing for the Gold supply. The 2011 Gold purchases by central banks far exceeded even those of 2010. In 2010, central banks bought 77 metric tons of the yellow metal. In 2011, they bought 440 metric tons, an increase of 471%.

Jobless claims fell last week to near a four-year low. Economists polled by Reuters forecasted claims to be at 365,000; instead, the number came in at 348,000. Although there still are no job openings for nearly three out of four people who are looking, today’s numbers will still be viewed as a sign of a strengthening labor market.

The core producer price index had its largest increase in the last six months. This is a measurement of producer prices outside of food and energy. Although there are some who see this as inflationary, others see inflation as unlikely because of the weak labor market.

At 8 a.m. (CST), the APMEX precious metals prices were:

  • Gold - $1,712.10 – Down - $15.00.
  • Silver - $32.88 – Down $0.58.
  • Platinum - $1,612.90 – Down $26.30.
  • Palladium - $682.60 – Down $2.00.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.


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