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Morning Gold & Silver Market Report – 5/16/2013

GOLD PRICE MAY TEST APRIL LOWS

The Gold price is falling for the sixth straight session and is reaching lows not seen since April. A strong U.S. dollar and weak investor sentiment for the Precious Metal are the likely reasons for the recent price drops. The continued stock rally has also led funds to liquidate their Gold positions. Traders said that once Gold fell below the psychologically significant $1,400 level heavy selling was triggered. Mitsubishi analyst Jonathan Butler said, “It is possible that we will see further selling. This fall is reminiscent of what we saw about a month ago during a sort of flash crash in Gold.”

It isn’t a secret that demand for physical Precious Metals has increased as the price has continued to stay low. The World Gold Council reported Thursday that investors didn’t buy enough physical Gold to offset outflows from Gold backed exchanged traded funds (ETF). Jason Toussaint, chief executive officer of World Gold Trust Services, the sponsor of the SPDR Gold Trust, said that the outflows from ETFs were due to speculative investors taking profits. As the Gold price fell, other metal prices followed suit; the Silver price fell 2.5 percent in overnight trading.

At 9:16 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,380.90, Down $18.30.
  • Silver, $22.53, Down $0.24.
  • Platinum, $1,478.50, Down $13.70.
  • Palladium, $731.00, Down $0.10.

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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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