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Mid-Day Gold & Silver Market Report – 2/6/2013


The price of Gold has remained relatively flat today. It has raised a small amount on news out of Europe concerning more negative economic reports. A major issue facing the Precious Metals market is a lack of direction. The reports from the United States show an improvement in many major areas such as employment and durable goods, however, looming budget cuts at the first of March could drastically change the outlook of the economy if not dealt with by the U.S. congress. “Gold seems to have disconnected from most other markets as investors simply don't know in which direction you will get the next $100 move,” Saxo Bank analyst Ole Hansen said. “We have not closed above or below the 50- and 200-day simple moving average for the past six days (today $1,664-$1,678). Once that happens we may get the clue as to which of the two key support and resistance levels will be tested first.”

Toward the end of last year, the World Gold Council estimated that China would overtake India as the world’s largest buyer of Gold. A recent report shows that Gold imports from Hong Kong to mainland China increased by 94 percent last year to more than 834,000 kilograms. Economists are predicting large amounts of Gold imports in China this year as well. “We see demand continuing to be robust into 2013,” said Want Xiaoli, chief investment strategist at CITICS Futures Co., a unit of China’s biggest listed brokerage. “The economy will recover, albeit slowly, while real interest rates will remain low and central banks will continue to accumulate. These are all bullish for Gold.”

At 1 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,678.50, Up $4.50.
  • Silver, $31.87, Down $0.05.
  • Platinum, $1,735.60, Up $28.40.
  • Palladium, $765.50, Down $1.00.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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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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