Bullion prices moved their way up with investors being hopeful for further stimulus measures from policy makers, which increased gold’s price today. Chintan Karnani, chief analyst at Insignia Consultants in New Delhi commented on what affected gold for the day by saying, “Prices continued to trade in a tight range amid a lack of major news from the U.S. or Europe.” Investors began purchasing more platinum with growing concern coming out of South Africa that there may be a shortage in the production of the metal after a reported 44 people were killed during a strike at Lonmin’s. “Platinum could test its 200-day moving average above $1,500 on the possibility that the Marikana mine can be shut down for an extended period of time or that strike ends up spreading to other mines,” said Phillip Streible, at futures brokerage R.J. O’Brien.
Steve Cortes, founder Veracruz, a research and consulting firm is confident on his prediction that China’s slower than normal financial trading is a sign that its economy is declining far more than investors realize. Cortes said, “China is trading at its lowest levels since the 2007 crisis and that’s a big problem for the markets.” Cortes also confirmed that he is optimistic with the American economy moving into a strong territory. Cortes said, “We’re getting a lot of good reports – not just housing – but unemployment claims are falling, retail chain store salesare improving and we just got better confidence data.”
At 5:05 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,621.90, Up $4.00.
- Silver, $28.87, Up $0.76.
- Platinum, $1,492.70, Up $18.60.
- Palladium, $608.60, Up $2.00.