Morning Gold & Silver Market Report – 5/20/2013
SILVER FOLLOWS GOLD’S MOVEMENT
To start the week, Silver has hit a two and a half year low, following Gold’s downward trend. While there has been a massive sell-off of exchange traded funds (ETFs) in Gold, it had not had a major effect on Silver until now. The move happened early in the Asian market with a large unidentified investor selling off a large volume of Silver. “The drastic move lower happened pretty much after the Chicago Mercantile Exchange's electronic platform Globex opening,” MKS head of trading Afshin Nabavi said.
This week looms very large in the United States, as Chicago’s Federal Reserve President Charles Evans is scheduled to speak today in front of Congress on the outlook of the economy. “This series of events certainly has the potential to overshadow what is likely to be a relatively quiet start to the week for fundamental macroeconomic indicators out of the US, but the big question is precisely when we’ll see the market react to the imminent tighter monetary conditions,” GFT Markets market strategist Fawad Razaqzada said. Many believe the Fed may announce the slowdown of their easing program which could drastically change the global economic landscape.
At 9:00 am (EDT), the APMEX precious metals spot prices were:
- Gold, $1356.60, Down $11.30
- Silver, $21.68, Down $0.79.
- Platinum, $1451.30, Down $18.20.
- Palladium, $741.90, Down $0.40.
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