Mid-Day Gold & Silver Market Report – 3/11/2013
GOLD, STOCKS BOTH FLAT AMID LACK OF DRIVING FACTORS
Precious Metals prices are little changed today as analysts see no reason to expect any significant fluctuations this week. As the U.S. dollar continues to linger at its highest level in seven months, many Gold investors have been temporarily sidelined. However, other experts see last week’s minor lift in as a positive sign for the metal. “Last Friday’s performance in the Gold market was impressive from the bulls’ point of view,” said one analyst. “This hints that the Gold market bears may now be exhausted on a near-term basis.”
Equities indexes are mirroring Precious Metals markets as U.S. stocks remain relatively unchanged today. Profit taking, along with reports showing the weakest level of Chinese manufacturing expansion since 2009, weighed on markets. “There’d be no surprise if people are just trying to digest and take a little bit of profit here,” said Christopher McHugh, who helps manage about $10 billion at Turner Investment Partners. “Earnings will come in focus over the next few weeks again as we come through the end of the quarter.” As equities take a breather following a week in which the Dow Jones Industrial Average reached its highest level of all time, investors await forthcoming economic news to see if the recent stock rally can be sustained. Recently, the Federal Reserve policy of quantitative easing (QE) has been a major driver of stocks. QE has also been historically bullish for Gold and many investors see this as an excellent buying opportunity.
At 12:01 pm (EST), the APMEX precious metals spot prices were:
- Gold, $1580.20, Up $1.30.
- Silver, $28.87, Down $0.13.
- Platinum, $1603.00, Down $2.90.
- Palladium, $778.40, Down $3.40.
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