Morning Gold & Silver Market Report – 2/14/2013

Geoffrey Varner

2/14/2013 8:01:00 AM

CENTRAL BANKS BUY RECORD AMOUNTS OF GOLD

The World Gold Council (WGC) said today that world banks, led by Russia, Brazil and Iraq, purchased a record 534.6 metric tons of Gold last year, the most since 1964. This accounted for 12 percent of the overall demand for Gold as compared to a 10 percent share in 2011. Central banks have been net purchasers of Gold since the second quarter of 2009. The WGC went on to report that India was again the worlds largest consumer of Gold last year, taking in 864.2 metric tons, followed by China with 776.1 metric tons. The two countries combined generated 56 percent of global jewelry demand and 43 percent of overall Gold demand.

Jobless claims came out this morning and U.S. jobless claims fell more than expected last week. Applications for new benefits fell more than expected but it’s not certain if this is due in part to the massive snowstorm that hit the northeast last week. 

At 9 a.m. (EST), the APMEX Precious Metals spot prices were:

• Gold, $1,648.80, Up $2.70.
• Silver, $31.05, Up $0.13.
• Platinum, $1,727.50, Down $2.20.
• Palladium, $770.40, Down $2.70.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.