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Closing Gold & Silver Market Report – 2/6/2013

GOLD, STOCKS STAGNATE AS PLATINUM SURGES

Gold continues to hover inside a narrow range as a low volume trading day has kept the price fairly flat. The upcoming European Central Bank meeting and recent pressure on equities markets have failed to cause significant price movement for the yellow metal. However, as Gold stalled today, the Platinum price is up 1.5 percent as concern over production output in South Africa (the world’s largest extractor of Platinum) and a positive global economic growth outlook have increased the demand for the largely industrial metal. With equities markets and industrial commodities rallying since the beginning of the year, Gold has taken a breather as the metal awaits more strident news to break it free from its current range.

After a shaky start to the trading day, stocks ended the day up as recent gains continue to an earnings-based rally. Dan Greenhaus, chief global strategist at BTIG, commented on today’s modest gains, saying, “It’s still an earnings-driven story. Based on investor reaction to consumer stocks, the consumer isn’t doing all that bad.” Much hesitancy remains among investors who are still skeptical about recent gains and U.S. monetary policy. With no foreseeable end to loose spending measures from Washington, speculators predict another year of gains in the Gold price.

At 5 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,678.60, Up $4.60.
  • Silver, $31.88, Down $0.04.
  • Platinum, $1,738.00, Up $30.80.
  • Palladium, $764.80, Down $1.70.

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Disclaimer:
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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