GOLD HOLDS STEADY; OUTLOOK ON SILVER IMPROVED
As we reach the midway point of the week, the price of Gold has been relatively flat. Many investors believe that the market is unsuccessfully looking for direction. News that moves the market usually happens during the week, however this weekend the leaders of the world’s top 20 central banks will convene in Russia to discuss currency policies and effects of the current financial stimulus. While no policy changes are expected, there could be indications of direction by the banks that influence moves in the marketplace.
There are many reasons for a positive outlook for Silver including demand from investors, record demand for 2013 American Silver Eagles and industrial purposes such as medical, electronic, and alternative energy sources like solar panels. Analysts from HSBC have increased their Silver target for 2013 as well as 2014. “Greater industrial Silver consumption is one of the most compelling arguments in favor of higher prices,” they said.
At 1 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1646.60, Down $4.00.
- Silver, $30.95, Down $0.12.
- Platinum, $1719.60, Up $12.40.
- Palladium, $773.30, Up $0.90.
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