Closing Gold & Silver Market Report – 5/20/2013
MOMENTUM SUPPORTS GOLD, SILVER
Gold & Silver experienced a dip this morning, but quickly recovered as technical trading gained positive momentum. “As the market started to come up, it was hitting [short-seller] stops and then that old huge level of support [for Silver], that low [traders] would put all their buy stops there. Once [prices] hit that, that's when it did that parabolic move up,” RJO Futures senior commodities broker Phil Streible said. “All those shorts that got in this morning, they're all covering, and all the longs that got blown out get back in on the long side.” The market is concerned that continued optimistic U.S. economic data will force the Federal Reserve to retreat from inflationary policies.
Dallas Federal Reserve President Richard Fisher spoke with CNBC today and shared his thoughts on how policies implemented in the U.S. have expanded the economy. Fisher believes that the Fed has succeeded at assisting the stock market to soar to levels never seen in history, while not being as effective with growing the economy. Fisher said, “We've made rich people richer. This is great for the (Warren) Buffetts and for others who can take advantage of this multiple of great money and cheap money that's been available,” he added. “The question is, what have we done for the working men and women of America?”
At 5:04 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1393.70, Up $26.00.
- Silver, $22.94, Up $0.48.
- Platinum, $1492.20, Up $22.70.
- Palladium, $750.90, Up $8.60.
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