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Mid-Day Gold & Silver Market Report 4/13/2012

GOLD’S ABILITY TO DIVERSIFY PORTFOLIO AND LIQUIDITY DRAW PRAISES   

What is driving the Gold market? Appearing on CNBC, Juan Carlos Artigas from the World Gold Council stated his answer to that question and discussed how Gold is being used. He said Gold is known for its use in jewelry, as an investment, and in technology. The newest use of Gold is central banks’ purchasing of the yellow metal. Artigas focused on Gold’s liquidity, saying, “It’s amazing how liquid Gold is.  When you think about Gold in the context of a portfolio, which is very interesting, Gold provides diversification, risk management in terms of the portfolio. One of the aspects of management is liquidity.”

Gold’s price remains down due a strengthening U.S. dollar and lower-than-expected growth data from China, as mentioned in the Morning Gold & Silver Market Report. UBS forecasts an upswing for Gold’s price in only a few months, saying, “There has been a good deal of interest in upside options, particularly for $1,800 June calls, with Gold’s safe-haven performance on Tuesday the likely catalyst.”

Investors are skeptical of European investments at this time, with Spanish banks borrowing a reported $316.3 billion euros from the European Central Bank last month. The market believes most of the funds may have been invested in domestic sovereign debt. James Dailey of TEAM Asset Strategy Fund said, “The concern is now on global recession. The data out of China and our consumer sentiment data point to a recession, (of) which the market has been in denial for a while.”

At noon (CDT), the APMEX precious metals spot prices were:

  • Gold - $1.668.20 - Down $12.90.
  • Silver - $31.66 – Down $0.93.
  • Platinum - $1,587.60 – Down $17.40.
  • Palladium - $647.80 – Down $6.30.

APMEX’s Account Managers are available today until 5 p.m. (CDT)! If you have any questions about investing in precious metals or would simply prefer to place your order by telephone, we are here to help.

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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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