Morning Gold & Silver Market Report – 1/8/2013
Ryan Schwimmer
1/8/2013 8:01:00 AM
PHYSICAL DEMAND BOOSTS GOLD’S PRICE
Precious Metals prices are rising this morning, thanks to a rise in physical demand due to the recent falling prices. Deutsche Bank analyst Daniel Brebner said, “We’re not out of the woods yet, and there is still much that the world economy needs in terms of support from monetary policy. The whole debt situation remains a major challenge, and accommodative monetary policy is very much seen as a way to minimize the negative repercussions of that. So I don’t believe the Gold story is over, but certainly, the market is likely to continue to pause.”
U.S. stock futures are mostly flat as the beginning of earnings season has arrived. Recent data out of Germany showed that industrial orders are down more than expected. This is causing some concern with investors, as it is a sign that the eurozone’s largest economy is shrinking. Kim Forrest explained the relatively small impact the news had on stock futures. Forrest said, “I’m surprised future are holding up, given the relative disappointment that German data showed, but I think all eyes are on the beginning of earnings season.”
At 9 a.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,655.50, Up $7.10.
- Silver, $30.34, Up $0.23.
- Platinum, $1,568.00, Up $12.70.
- Palladium, $674.30, Up $3.30.
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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
