Closing Gold & Silver Market Report – 4/15/2013
GOLD EXPERIENCES BIGGEST ONE-DAY DROP IN 30 YEARS
The price for Gold officially closed below $1,400 today, experiencing its largest one-day drop since February 1983. Prices for Silver, Platinum, and Palladium saw significant drops as well. Silver in particular ended at a two-year low in afternoon trading, pushed down by fears that China’s disappointing economic growth in the first quarter of 2013 will negatively impact demand for industrial metals. Despite the sell-offs seen Friday and today, David Morgan of the Morgan Report investment newsletter is of the opinion that “investors would be wise to hold their positions and wait it out.” Morgan cites the continuing financial crisis in Cyprus, tensions over North Korea, and the fact that “the silver retail market is showing high premiums with shipping delays” as reasons why the fundamentals for Gold and Silver are “still strong.”
The World Gold Council has weighed in on the Gold sell-offs of the past two days. In a statement released today, the council’s Managing Director of Investment, Marcus Grubb, reminds that Gold’s demand is influenced by a variety of factors, and that these factors should be considered when viewing changes in the price for Gold. In the statement, Grubb says, “Taking a short term view of any asset's performance is fraught with danger; we believe that despite the current turbulence, the long term fundamentals of the Gold market remain intact.”
At 4:16 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,355.30, Down $149.10.
- Silver, $22.78, Down $3.68.
- Platinum, $1,402.40, Down $94.50.
- Palladium, $652.50, Down $57.60.
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