Gold: $1,283.13 -7.07
Silver: $17.19 -0.12
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February 8th Weekly Silver Market Update
Article By: Kyle Wanchalk on February 08th, 2013

The week of February 8th was fairly disappointing for both gold and silver as both metals ended the week worse off than they started it. News out of the European Central Bank did a good job at moving the euro but in the end this did little to alter the fate of precious metals as it seemed they were doomed from the start.

Metals Falling in a Stagnant Market

This week really lacked much news strong enough to swing gold and silver in one direction or another, even though the European Central Bank took part in a highly indicative meeting. There have been few other events that took place this week that had a bearing on precious metals. Economists did speculate that this year will be a good one for those holding gold because of an increased occurrence of National Central Banks purchasing and sitting on large quantities of gold, and more recently silver as well.

Strengthening Yen

It was not too long ago that we reported about the Japanese pushing forward with monetary policies that will work to strengthen the Yen. Throughout this week we have seen the Japanese currency rise and as it continues to gain strength against the dollar, many Japanese financial experts are beginning to worry if the spike in value has been to sudden. If the euro continues to be unstable as we have seen recently you can expect the Yen to make a sustained resurgence.

Looking Ahead

As we set our sights towards next week, there is a few things that you should keep an eye out for. For one, expect little to no news stemming from China as the Chinese are gearing up for their week long celebration of the New Year. To the contrary, you can expect some big news out of Europe as the continent looks to regain stability in Spain and Italy. Italy is about to hit the polling booths while Spain is in the midst of some government corruption as well as trying to deal with their ongoing unemployment problem.

Weekly Move

At the end of the week gold remained relatively flat while silver was down a lot more than anyone would have expected. From opening on Monday to closing of major markets on Friday, gold had dropped about 2 dollars while silver, on the other hand, was down a little over 50 cents.

This market update is provided weekly with analysis. You can always check our gold and silver price chart on-site.