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Closing Gold & Silver Market Report – 5/15/2013

GOLD NOT GETTING SUPPORT FROM INDIA

As the Gold price ends the day at its lowest in almost a month, there is a large piece of the Gold market oddly absent. After a surge of Gold and Silver imports into India in April, the country’s central bank has restricted imports of the metals into the country. Because of the amount of imported Gold and Silver was so large, the county experienced a 72 percent jump in their trade deficit over the previous month. “With India doing its best through taxation to limit Gold buying, the demand from there is not as big as it was the last time we were at these levels," Marex Spectron head of Precious Metals David Govett said. The timing couldn’t be worse for Gold because the wedding season is starting in India, which is a major driver in the demand for the yellow metal.

While the issues in Europe have been negative, the economic picture in the United States seems to keep improving. In a new report, the U.S. deficit is getting smaller much faster than anticipated. However, not everybody believes this is a positive report. “This is the definition of an unsustainable path. We remain on a course that will lead to fiscal crisis, as expert after expert has warned us," Senator Jeff Sessions, a member of the Senate Budget Committee, said.

At 5:00 pm (EDT), the APMEX precious metals spot prices were:

  • Gold, $1394.50, Down $33.00
  • Silver, $22.64, Down $0.85.
  • Platinum, $1491.50, Down $11.90.
  • Palladium, $729.40, Up $0.30.

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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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