Closing Gold & Silver Market Report – 3/12/2013

Nicholas Wilsey

3/12/2013 4:04:00 PM

GOLD PRICE ENDS DAY ON A HIGH

As the day comes to a close, the value of Gold has made up for recent losses. In the United States, there has been no economic news to move the market. “This indicated that the sellers had enough, leading to the bulls coming back into bullion,” said Fawad Razaqzada, technical analyst at GFT Markets. However, there is a battle brewing in Congress on how to tackle the budget. The longer they wait, the more uncertainty enters the minds of investors. In uncertain markets, Gold has been favored over higher risk investments.

In Europe, the cause for economic alarm seems to be rising. The chief of Germany’s Bundesbank, one of Europe’s largest banks, is concerned that countries are not doing enough to help secure future success in the area. He said, “The crisis that we are facing is a crisis of confidence, and this confidence cannot be gained if we postpone the tackling of the root causes of the crisis.” He believes the current situation is improving he is not so convinced about the long term outlook.  

At 5:00 pm (EDT), the APMEX precious metals spot prices were:

• Gold, $1593.50, Up $13.50.
• Silver, $29.19, Up $0.28.
• Platinum, $1598.70, Down $4.50.
• Palladium, $772.10, Down $6.10.

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