Daily Gold & Silver Market Report – 2/8/2016
Paul Stevens
2/8/2016 10:46:00 AM
METALS UP AS WALL ST, GLOBAL STOCKS CONTINUE STRUGGLE
Precious Metal prices are gaining momentum and rapidly increasing during Monday morning trading hours. After seeing its biggest weekly gain last week since August 2015, Gold is poised to continue its run on investor concern over slowing global economic growth. Gold’s safe-haven appeal has returned and demand has increased as investors turn from riskier assets. Julian Phillips, founder and contributor to GoldForecaster.com, wrote, “The rise in the Gold price is U.S. investor driven as physical demand overwhelms paper sales. This tells us that institutional Gold views have been changed by global considerations, despite reports indicating that the U.S. economy looks solid even though growth is weakening.”
Stocks around the world are on the decline again, signaling a fresh round of fear in investor sentiment for the upcoming year. After a rough start to the year, global stocks continue to struggle, pressuring the international banking system and prompting investors to look back at previous down times. Cantor Fitzgerald Senior Analyst Owen Callan said, “People are worried about the global economy and particularly now we are beginning to look at the banks. You are seeing more and more people saying: is this 2008 again? Maybe not quite as severe, but do we need to be worrying about the banking sector and risk assets on a bigger level?”
At 11:46 A.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,197.40 Up $37.60
- Silver, $15.39 Up $0.57
- Platinum, $925.70 Up $22.00
- Palladium, $516.30 Up $16.60
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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
