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Morning Gold & Silver Market Report – 2/21/2013


The Gold price fell more than 2.5 percent on Wednesday, the biggest drop since July of last year. Yesterday saw heavy Gold selling on Comex and a variety of other channels. Standard Chartered analyst Dan Smith said, “Investor selling has been seen on the futures exchanges and in the physical ETFs, and partly that has been driven by what the Fed's going to do, and whether it's going to back away from QE earlier than expected.”

It isn’t all doom and gloom for the Gold price; these lower prices present excellent opportunities for investors to buy. In overnight trading Gold has recovered some as analysts and traders have reported high volumes on the Shanghai Gold Exchange. The lower price seems to have attracted buying interest from one of the world’s largest populations of Gold consumers. 

New jobless claims were released this morning, and the numbers are higher than expected. The government reported 362,000 new claims for jobless benefits. The government went on to say that the number of claims still remains at levels consistent with a steady improvement in labor markets. At the same time the government is reporting the consumer price index rose 0.3 percent, the largest gain since May 2011.

At 9:10 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,571.20, Down $8.30.
  • Silver, $28.66, Down $0.03.
  • Platinum, $1,609.30, Down $38.80.
  • Palladium, $723.60, Down $13.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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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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