Mid-Day Gold & Silver Market Report – 4/30/2013
WALL STREET THINKS NO END OF QE TILL 2014
CNBC conducted a survey in April and 40 of the 46 Fed Survey respondents said they believe asset purchases by the U.S. central bank will continue into next year. Participants also said that as the economy remains week with the sequester taking effect they doubt cutting the deficit right now is the best idea. John Kattar of Ardent Asset Advisors said, "The economy is struggling. The data have been weak, and continued growth in free reserves is indicative of risk aversion and lack of credit demand. I now believe an extension of QE into 2014 is somewhat more likely than any tapering before year end." Survey respondents include economists, strategists and fund managers.
The Gold price has been mostly flat in morning trading but physical gold demand has been on the rise. In fact, physical gold held at CME group’s Comex warehouses in New York are at near to five year lows. These inventories are made up of 100 ounce Gold bars but inventory levels have dropped almost 30 percent since February as dealers respond to the demand from Asian markets. Analysts also say that the selloff is evidence of investor demand for coins and bars and their preference to physically hold the metal. Jonathan Potts, managing director of Delaware Depository said, "Some investors feel much safer having gold within their reach and their hands."
At 12:00 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,473.80, Up $3.90.
- Silver, $24.25, Down $0.01.
- Platinum, $1,507.00, Down $1.90.
- Palladium, $700.80, Down $0.40.
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