INCREASED 2013 SILVER PROJECTIONS; INVESTORS QUESTION RECOVERY
Gold and Silver prices are down slightly as investors remain noncommittal ahead of the much anticipated G20 meeting later this week. “Although people are not expecting anything dramatic to be said at the G20 meeting, there is still some uncertainty, which may see short-term investors cover their short positions in coming sessions,” Societe Generale analyst Robin Bahr said. Though Gold and Silver have slipped from previous highs off mildly optimistic economic reports over the last few months, analysts remain optimistic about the future of Precious Metals. While many experts predict a Gold rally in the second half of this year, many are also promoting the purchase of Silver as HSBC has increased its price forecast for the metal in 2013, predicting the metal to advance 7 percent.
The Dow Jones Industrial Average is down again today as equities markets cool down following a rally that lifted stock indexes to their highest levels in five years. As markets have stalled, investors now await further movement as many wonder if the recent boost is a sign of true recovery. “The fear is that equities have extended beyond what the fundamentals are. People are taking a wait-and-see attitude to see if the economic data is supporting a fundamentally cyclical recovery,” Wayne Lin, fund manager at Baltimore-based Legg Mason Inc, said.
At 5 p.m. (EST), the APMEX Precious Metals spot prices were:
- Gold, $1643.70, Down $6.90.
- Silver, $30.82, Down $0.25.
- Platinum, $1721.50, Up $4.30.
- Palladium, $768.50, Down $4.00.
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