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Market Reports

Morning Gold & Silver Market Report – 5/28/2013

PAPER FUNDS OUTWEIGH PHYSICAL GOLD DEMAND

U.S. stock futures are on the rise as the Gold price is down in morning trading. After equities fell late last week as it became apparent the U.S. Federal Reserve would not end quantitative easing earlier than expected, Stephen Pope of Spotlight Ideas said, “We cannot rule out aggressive buying after last week’s dip because the general tenor of the U.S. economy is steady and the start to adjust the books before May month-end begins.”

A rising U.S. dollar is also adding pressure to Gold’s price. Though physical demand for Gold is still very strong, it continues to be overshadowed by exchange-traded funds, which are recording record outflows. A key resistance level for Gold is $1,400 per ounce. Saxo Bank senior manager Ole Hansen said, “We made several attempts at the $1,400 level but, especially the last three, have failed every time. The tug of war continues as the physical market is happy picking up Gold at these levels, but the paper market isn't — they are seeing bond yields up and inflation staying subdued. They're potentially worried that the [U.S.] dollar could have a bit of a renaissance.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,383.00, Down $6.50.
  • Silver, $22.38, Down $0.24.
  • Platinum, $1,452.50, Down $0.90.
  • Palladium, $735.50, Up $7.00.
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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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