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Morning Gold & Silver Market Report – 3/28/2013

CYPRUS BANKS REOPEN, GOLD HOLDS STEADY

After nearly two weeks, Cyprus’ banks reopened today with strict limits on cash withdrawal amounts. Early information is that the limits are working and there have been few, if any, signs of panic. Today’s reopening has had little impact on the markets, with the euro moving up just slightly against the dollar. Any positive news is welcome as the region’s shared currency is on pace for a 2.8 percent first quarter decline. Although the euro has recently lost ground, Steve Barrow, currency strategist at Standard Bank in London, said, “it’s hardly a collapse in spite of the Cypriot tumult.”

The Gold price has held its ground as the Cyprus bank drama has unfolded. Unlike the euro, Gold is on pace for a 1.3 percent gain this month, its first monthly gain in six months. Eurozone instability fueled primarily by the Cyprus crisis and political tension in Italy has put pressure on investors. Credit Suisse global head of commodity research Tobias Merath said, “With the Cyprus crisis unfolding we have seen Gold crossing back above $1,600 but we haven't tested the key technical resistance level at $1,620 as there wasn't strong safe-haven inflows buying.” Gold gained additional support from Federal Reserve comments reiterating its $85 billion per month asset buying program would continue until the U.S. job market was on firmer ground.

At 9:06 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,600.40, Down $8.30.
  • Silver, $28.56, Down $0.14.
  • Platinum, $1,580.40, Down $1.40.
  • Palladium, $769.00, Up $1.70.

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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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