Closing Gold & Silver Market Report – 2/11/2013

Brandi Brundidge

2/11/2013 4:21:00 PM

ECONOMISTS HAVE HIGH HOPES FOR U.S. RECOVERY

Gold fell today as investors became concerned with the metal’s year to date performance. Also, the Lunar New Year began this week, taking major Asian markets out of trading to celebrate. “There is less liquidity in the market this week, with fewer traders due to the Asian holidays and also absence in some parts of Europe like Germany, where there are Carnival celebrations this week,” Commerzbank’s Head of Precious Metals Trading Adrien Biondi said.

The forecast for the U.S. economy appears to be positive with high expectations for job growth and the housing market. “I think we're really on the verge of this becoming a self-sustaining recovery,” Richard Moody, chief economist at Regions Bank, said. Economists expect a monthly average of 171,000 new jobs while seeing the unemployment rate drop from 7.9 percent to 7.5 percent by year’s end. The housing market is rebounding and the stock market is performing at its best so far this year, allowing investors to have a substantial return on investments. 

At 5 p.m. (EST), the APMEX Precious Metals spot prices were:

• Gold, $1,649.60, Down $18.30.
• Silver, $30.99, Down $0.50.
• Platinum, $1,690.30, Down $24.40.
• Palladium, $759.00, Up $6.50.

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