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Market Reports

Closing Gold & Silver Market Report – 2/8/2012


John Williams, president of the San Francisco Federal Reserve Bank, said today that the Fed might need to launch a third round of asset purchases with printed money, commonly known as quantitative easing, if the economy slows and inflation remains below 2 percent. He said that buying mortgage-backed securities would be a logical choice. “I expect the pace of economic growth to be frustratingly slow and the unemployment rate to remain high for years to come,” Williams said.

Gold and Silver prices finished lower today, while Platinum and Palladium experienced small price gains. Greek debt talks continue to dominate the action. When talks began to look promising, the Gold price went up; if talks had been disappointing, the Gold price went down. It is not the mood of the negotiations that moves Gold prices; it is the movement of the euro and its relation to the U.S. dollar. Talks look good, then the euro goes up, the dollar goes down, and Gold goes up. Today was a day of uncertainty. Stocks went up slightly on hopes of a resolution, while Gold and Silver prices went down in disappointment. Stay tuned, as the drama will continue tomorrow.

At 4 p.m. (CST), the APMEX precious metals spot prices were:

  • Gold - $1,732.90 – Down $14.00.
  • Silver - $34.02 – Down $0.25.
  • Platinum - $1,668.00 – Up $12.20.
  • Palladium - $716.00 – Up $5.80.

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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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