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.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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