Mid-Day Gold & Silver Market Report – 5/23/2013
GOLD RISES WITH MARKET CONFIDENCE
Gold is regaining confidence as there have been considerable selloffs in both Japanese stocks and the global equity markets. Investor sentiment quickly shifted toward the safe haven asset once economic concerns began to brew in Europe and Japan this morning. "I think the feeling on the market is at the moment -- considering how there's been almost like a one-way street for equities over the last few months -- will this just be a couple of days blip and then the buyers will return?" Ole Hansen, head of commodities strategy at Saxo Bank, said in a phone interview from Copenhagen.
U.S. Federal Reserve Chairman Ben Bernanke confused the market yesterday as he proclaimed quantitative easing measures would not be pulled back in the near future. This conflicted with consumer speculation that the Fed may rethink stimulus measures based on recent positive economic data. However, St. Louis Fed President James Bullard, speaking to reporters in London, confirmed that the Fed is not in a hurry to stop fiscal policy. He said, "We are not in a position where we are having to make [a] decision about cutting the whole program in half or bringing the program to a halt in a short period of time."
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,389.60, Up $19.20.
- Silver, $22.52, Down $0.07.
- Platinum, $1,459.00, Down $11.70.
- Palladium, $740.50, Down $13.70.
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