Daily Market Report 2/12/13

GOLD

Today could be a short term pivotal day for the Gold market. Gold broke below $1,640 earlier this morning in European trading, and then sizeable buying appeared to drive the market higher. Considering that Asian precious metal markets are closed for the New Year holiday, I was surprised to see substantial bargain buying of Gold. At 11am PDT today, Gold is trading at $1,650.50, up $1.90 per ounce on active trading.

SILVER

Silver’s trading day mirrored Gold, reaching a low of $30.57 per ounce, then turning higher to break back above the $31 per ounce level. At 11am PDT today, Silver is up $.07 per ounce, trading at $31.02 per ounce on active trading. 

PLATINUM & PALLADIUM

Platinum & Palladium are the star performers today, breaking out above the $1,720 and $770 respectively. Platinum is trading at $1,720 per ounce, trading at a $70 per ounce premium to the price of Gold. Platinum is up $182 per ounce (11.8%) since January 1, 2013. And Palladium is trading at $770 per ounce, the highest level since August of 2011.