Daily Spot Price Update 2/9/2017

Metal Open Close Change
Gold $1243.10 $1226.64 – $16.46
Silver $17.86 $17.64 – $0.22
Platinum $1022.40 $1007.00 – $15.40
Palladium $775.90 $768.88 – $7.02

Summary

All metals took a significant dip on 2/9.

Germany is Bringing Home the Gold

Over the past years, Germany’s central bank has relocated hundreds of tons of gold to be held in foreign vaults, specifically in New York and Paris. This practice began during the Cold War, when gold reserves were stored outside the country due to fear of Soviet invasion. More recently, critics have said that gold store abroad could be tampered with or that Germany may have issues retrieving gold at any given point in time. As of this week, Germany has said it has sped up the process of bringing this gold home in an effort to be more transparent. The majority of Germany’s gold reserves should be back in the country by 2020.

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