Daily Gold & Silver Market Report – 2/10/2015

Paul Stevens

2/10/2015 10:18:00 AM

METALS DOWN AS UNCERTAINTY LOOMS

Precious Metal prices struggle to gain footing in early morning trading while investors monitor the global economic atmosphere. Although metals are currently experiencing a slight decline, growing concern over Greece’s potential exit from the eurozone coupled with extreme uncertainty in the equities markets has some analysts upbeat about Gold’s future. Edward Meir of INTL FCStone said, “While the charts seem to make the case for further declines, we still believe that we are not going to retest our lows anytime soon, at least until we see some breakthrough with Greece, which at this stage looks less and less likely.”

Crude oil prices continued to decline Tuesday, adding pressure to an already declining energy sector.  This news comes on the back of data showing Chinese consumer inflation hit a five-year low in January, which raised concern about the world’s second-largest economy’s need for oil.  Michael Meidan, director of independent consultancy China Matters, said in the Reuters Global Oil Forum, “Economic activity is slowing, especially in heavy industry and that inevitably weighs on commodities.”

At 11:19 am. (ET), the APMEX Precious Metals spot prices were:

• Gold, $1,239.50 Down $4.40
• Silver, $17.08 Down $0.08
• Platinum, $1,213.20 Down $7.20
• Palladium, $774.60 Down $6.00

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