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Mid-Day Gold & Silver Market Report – 5/22/2013

GOLD FLAT AFTER FED TESTIMONY 

When U.S. Federal Reserve President Ben Bernanke speaks, the Gold market listens. Today was no different when Bernanke said it was too early to slow down the central bank’s easing program based on current economic conditions. "The correlation of the dollar with Gold has been quite strong lately, and today's weakness in the U.S. currency after Fed officials said it may be too early to be pulling back of QE (quantitative easing) certainly helps the metal," Societe Generale analyst Robin Bhar said. However, after an initial spike in the Gold price, the market had a quick correction. "We are getting corrective bounces, but we are still in a downtrend, and these bounces are not strong enough to reverse that as investors continue to divest and physical demand is not as strong as it was one month ago," added Bhar.

While the United States looks toward the end of monetary easing, Japan’s central bank is expanding its stimulus program. "Such conduct of monetary policy will support the positive movements in economic activity and financial markets, contribute to a rise in inflation expectations, and lead Japan's economy to overcome deflation that has lasted for nearly 15 years," the bank said in its policy statement. Because Japan is the third largest economy in the world, the effects of their policies will be felt beyond the country’s borders.  

At 1:00 pm (EDT), the APMEX precious metals spot prices were:

  • Gold, $1376.70, Down $3.90.
  • Silver, $22.66, Up $0.10.
  • Platinum, $1473.90, Up $14.00.
  • Palladium, $753.60, Up $3.50.

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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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