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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