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Mid-Day Gold & Silver Market Report – 5/24/2013

DOLLAR STRENGTHENS VS. YEN, WEIGHS ON GOLD

Gold is down slightly today as the metal continues to test key resistance levels in an effort to break northward.  After rising Thursday night, the Gold price was unsuccessful in a fourth attempt to breach $1,397 an ounce, instead falling back to its current echelon.  Weakness in the Japanese yen continues to bolster the U.S. dollar which is, in turn, putting downward pressure on Precious Metals.  The uninterrupted printing of money by central banks to fund global stimulus programs has had little of the inflationary effect that was so integral in boosting Precious Metals.  With no signs of inflation on the immediate horizon, Gold is having trouble finding a sure footing. However, as ultra-loose monetary policy persists, long-term investors see the recent price correction as a buying opportunity.  "People clearly on some level think equities may have run too far too fast, and they may well still be concerned about the ultimate effects of monetary policy," Credit Suisse analyst Tom Kendall said.

Ongoing concern surrounding the future of quantitative easing (QE) and weakness in Asian markets weigh on equities markets as stocks continue to trade down heading into the weekend.  “Positive durable goods sales were unable to bring in any lasting support and instead may be having the opposite effect, providing more evidence for the Fed to begin tapering QE,” CMC Markets’ senior market analyst Colin Cieszynski said.  This week’s markets slump could disrupt a four week winning streak for both the S&P 500 and Dow Jones Industrial Average.

At 1:10 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,390.10, Down $4.70.
  • Silver, $22.60, Down $0.02.
  • Platinum, $1,454.00, Down $4.70.
  • Palladium, $727.60, Down $13.10

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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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