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Mid-Day Gold & Silver Market Report – 2/19/2013

WHAT WILL GOLD’S SUPPORTED PRICE BE?  DATA CONFIRMS GERMANY’S ECONOMIC RECOVERY

Gold has remained at a 6-month low following last Friday's big loss from positive economic news.  At this point the yellow metal requires some pessimistic data to rebound or a heavy demand in the asset.  “Gold bugs would argue that last week’s pullback has opened up the opportunity to buy the metals at cheaper prices, and that, over the long term, prices should rise,” said GFT Markets technical analyst Fawad Razaqzada.

Germany appears to be heading down the path of recovery as German analyst and investor sentiment increased to its highest level since April 2010 in February.  This data reflects optimistic news for Europe’s largest economy as investors have been cautious of the nation.  "The financial market experts have made their peace with the weak fourth quarter of 2012. In their opinion the German economy faces less headwinds from the euro crisis than throughout the last months.  If this situation remains unchanged during the next months, German business activity may pick up speed moderately", ZEW President Professor Wolfgang Franz remarked after the results.

At 1:06 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,606.80, Down $3.70.
  • Silver, $29.47, Down $0.44.
  • Platinum, $1,697.50, Up $19.80.
  • Palladium, $765.40, Up $11.30.

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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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