Call Us: 800.375.9006

Free Shipping on Orders Over $99



Our Daily
Market Reports

Morning Gold & Silver Market Report – 2/7/2012


U.S. stock futures are trading lower this morning, as investors await Federal Reserve Chairman Ben Bernanke’s testimony before the Senate Budget Committee. Analysts are expecting a message similar to the one Bernanke gave to the House Budget Committee last week. UBS strategists said, “A more upbeat tone can be expected in the wake of the latest unemployment report.” Investors also are focusing on meetings in Greece between Prime Minister Lucas Papademos and party leaders. The goal, as it has been for months, is an agreement on austerity measures that will secure a second bailout for the struggling country.

The euro slipped earlier this morning but has since regained traction, pulling Gold with it. Gold neared $1,730 in overnight trading, then neared $1,710 earlier this morning, and has regained enough traction to settle right in the middle as of this writing. Late last year, China hoarded Gold in record amounts. In a note, UBS analysts wrote, “While December’s activity is the lowest since July, it’s still 245.2 percent higher year-on-year. Here’s a statistic that should lay to rest any doubts over Chinese Gold consumption: the 2011 trend of imports from Hong Kong was up 258 percent from 2010.”

Syrian forces have been attacking Homs, which had become a hub of rebellion against President Bashar al-Assad’s rule. Russia’s foreign minister reportedly told Assad, “Every leader of every country must be aware of his share of responsibility. You are aware of yours. It is in our interests for Arab peoples to live in peace and agreement.” Russia’s government holds weight in Syria as a major arms supplier for the country. Russia and China recently vetoed a U.N. resolution on Syria, but Russia contends it still wants to broker peace between the two sides in the Syrian crisis.

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

  • Gold - $1,720.00 – Down $3.40.
  • Silver - $33.51 – Down $0.31.
  • Platinum - $1,625.80 – Down $5.00.
  • Palladium - $701.70 – Down $5.30.

« Return to Commentaries

World Market Trading Hours

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.

NYMEX Markets
8:20 a.m.-1:30 p.m. (ET)
8:25 a.m.-1:25 p.m. (ET)
8:20 a.m.-1:05 p.m. (ET)
8:30 a.m.-1:00 p.m. (ET)
CME Globex
World Markets
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)
6:00 p.m.-5:00 p.m. (ET)

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.

 (0)

There are no items in the cart.