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Mid-Day Gold & Silver Market Report – 2/7/2011


Precious metals prices are on the rise since the Morning Gold & Silver Market Report. Greek progress toward debt resolution, concerns over the Middle East and Federal Reserve Chairman Ben Bernanke’s congressional testimony have given metals prices traction in their climb higher. Head trader Afshin Nabavi of MKS Finance in Geneva said, “Uncertainty generally generates demand for (Gold), so should push it higher.”

In a trend all too familiar, Bernanke spoke before Congress and reiterated previous positions: The job market is far from normal, and the long-term budget deficit needs to be reduced. Though the jobless rate dropped from 8.5 to 8.3 percent, the real objective that would show a healthy jobs picture is between 5.2 and 6 percent. Another report shows extended unemployment has been on the rise, up to 42.9 percent in January from the 42.5 percent in December. He said, “Over the past two and a half years, the U.S. economy has been gradually recovering from the recent deep recession. … While conditions have certainly improved over this period, the pace of the recovery has been frustratingly slow, particularly from the perspective of the millions of workers who remain unemployed or underemployed.”

The Middle East continues to simmer. Russia has moved in to try to work diplomatically with Syria, a close ally in the region, while Western nations and the Arab League continue to denounce the actions of Syrian President Assad. Israel is reportedly in talks to repeat the “operation” it used against Iraq in 1981 and Syria in 2007. Both countries were developing nuclear technology, and the operation was to bomb the nuclear reactor sites. The crux of the issue with such an operation is whether it would be considered an act of war, which Israeli Prime Minister Benjamin Netanyahu can’t order without the approval of the Israeli Cabinet. However, an “operation” can be considered similar to a U.S. executive order, which bypasses Cabinet approval. The U.S. has not taken any option off the table in the desire to stop Iran from developing its nuclear potential.

At 12:24 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,743.30 – Up $19.90.
  • Silver - $34.11 – Up $0.29.
  • Platinum - $1,651.40 – Up $20.60.
  • Palladium - $708.80 – Up $1.90.

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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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