Daily Spot Price Update 2/10/2017

Metal Open Close Change
Gold $1226.05 $1235.45 + $9.40
Silver $17.63 $18.00 + $0.37
Platinum $1004.55 $1016.05 + $11.50
Palladium $769.50 $787.45 + $17.95

Summary

All metals rose on 2/10, with palladium increasing the most.

Germany Concerned about the Euro’s Future

During the Cold War, Germany relocated 98 percent of its gold reserves abroad out of fear of Soviet control. The nation repatriated 931 tons of gold from England in 2000. Germany has recently announced plans to bring home the majority of its gold stores, mostly from New York, London, and Paris. The plans for the move were primarily caused by concerns about the future of the euro. New governments in France and Italy could possibly move to eliminate the single currency. As the world’s second largest owner of gold, following the US, Germany plans to regain half of its 3,381 tons of gold by the end of the year. The rest of the gold reserves will remain at the Federal Reserve Bank of New York and the Bank of England, at least for now.

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