Mid-Day Gold & Silver Market Report – 5/28/2013
GROWING DEMAND FOR PHYSICAL METALS WITH CONCERN THAT PRICES MAY SOAR
During morning trading, Gold's price fell slightly based on a stronger U.S. dollar and technical selling. Analysts still suggest that investors are taking advantage of every opportunity to invest in the yellow metal as the outlook is positive for Gold. "Every time when gold prices drop, we start to see a sharp pick-up in physical demand. Dealers are buying for fear of a sharp correction higher," said Phillip Streible, senior commodities broker at R.J. O'Brien. Not all Precious Metals felt the heat today. Silver was down 0.9 percent, Platinum rose 0.8 percent, and Palladium increased 2.3 percent.
As the U.S. economy continues to reflect a healthy recovery and the dollar appears stronger, investors have noticed that the Gold price (which negatively correlates to the dollar) has felt the pressure. Today, the Conference Board Consumer Confidence Index reported an increase to 76.2 in May, up from 69 in April reaching its highest point in five years. "Back- to- back monthly gains suggest that consumer confidence is on the mend and may be regaining the traction it lost due to the fiscal cliff, payroll tax hike and sequester," said Lynn Franco, director of economic indicators at the Conference Board.
At 3 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,382.60, Down $6.90.
- Silver, $22.33, Down $0.26.
- Platinum, $1,460.10, Up $6.70.
- Palladium, $755.30, Up $26.80.
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