Mid-Day Gold & Silver Market Report – 2/12/2013
Brandi Brundidge
2/12/2013 12:06:00 PM
ECB CHIEF SUGGESTS CURRENCY WAR EXAGGERATED
The bottom for Gold seems to be tested as the Lunar New Year began Monday, taking some support out of the market for the week long celebration. “Today [the lower Gold price] is the fact that the market's been very much range-bound for a while, funds are still relatively long, with China on holiday there's an absence of physical interest underneath the markets,” FastMarkets.com analyst James Moore said. “The funds have taken advantage of some of that, and obviously decided to test the bottom and test the supports.”
European Central Bank (ECB) chief Mario Draghi confirmed today that exchange rates are imperative for substantial growth and price stability, adding that the supposed currency wars are overstated. “I think the term currency wars is way, way over done. We are not witnessing anything like that,” he said.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1,651.00, Up $0.90.
- Silver, $31.06, Up $0.11.
- Platinum, $1,714.60, Up $18.50.
- Palladium, $772.50, Up $12.90.
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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
