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Market Reports

Morning Gold & Silver Market Report – 5/29/2013

STRONG DATA HINTS AT QE END

U.S. and European markets are experiencing losses today as investors consider data released yesterday that hinted the U.S. Federal Reserve may look to end its monetary easing program. Consumer confidence data was released Tuesday with numbers higher than they have been in five years. Housing market numbers are also on the rise and came in stronger than expected. However, the Organization for Economic Cooperation and Development warned that government bond yields could spike as central banks begin to retreat from their current monetary easing.

The Gold price is up this morning, primarily on strong physical buying from China. Lower prices in Asia are luring in physical buyers to the point that dealers are having a difficult time meeting the increased demand. Gold is still struggling to break the $1,400 mark as outflows from exchange traded funds continue. There are predictions for future price drops due to the actions the Fed might take to reduce monetary easing.

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

  • Gold, $1,388.00, Up $7.10.
  • Silver, $22.37, Up $0.09.
  • Platinum, $1,456.80, Down $6.50.
  • Palladium, $750.30, Down $9.30.
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 ‘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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