Daily Gold & Silver Market Report – 2/2/2015

Paul Stevens

2/2/2015 10:07:00 AM

METALS PULL BACK AS INVESTORS CASH IN ON PROFITS

Precious Metal prices are off to a slow start Monday morning after closing January with Gold’s biggest monthly rise in three years.  A bleak global economic outlook has supported the metal’s safe haven demand, while the boost in price has caused some investors to begin profit taking.  Societe Generale analyst Robin Bhar said, “ Midweek last week we saw a 3 percent fall in Gold post the [Federal Open Market Committee], based on fears that the United States is still on course to raise rates. The market has had a good tailwind to it, and now there are a few more doubts creeping in that perhaps the rally was overdone. There is a bit of profit taking coming through.”

International stocks stalled Monday as investors continued to take in disappointing eurozone growth data and China’s first Purchasing Managers Index gauge contraction in nearly 2 1/2 years.  With the Greek political situation creeping back into investors’ minds, some are concerned with the future of the European market. Goldman Sachs analysts wrote in a note, “We do think that (a Greek eurozone) exit would generate heightened volatility and a higher risk premia in other European equity markets, particularly in the periphery.”

At 11:06 a.m. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,274.50 Down $6.70
• Silver, $17.28 Up $0.02
• Platinum, $1,229.00 Down $9.20
• Palladium, $781.60 Up $8.30

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