Mid-Day Gold & Silver Market Report – 5/29/2013
GOLD GAINS ON DISCOUNT BUYING AND STRONG EURO
Yesterday’s price pullback prompted a buying opportunity today as Gold and Silver are boosted by bargain hunting investors. A slightly stronger euro has also helped drive Gold today even as the metal is poised for a second straight month of losses. Though physical demand for Precious Metals remains strong on what Gold bugs perceive to be discount prices, electronic investors are still wavering under a recent onslaught of selling pressure. Bank of America Merrill Lynch analysts stated, “Higher growth, rising nominal yields and subdued inflationary pressure have all limited investor buying.” They added that though the Gold market appears to be taking a breather, the “structural rally is not broken.”
Fear surrounding the longevity of the U.S. Federal Reserve’s liberal monetary easing program continues to weigh heavily on equities markets as the Dow Jones Industrial Average and S&P 500 retreat from record highs. "The market was at overbought levels and you can see these short-term pullbacks in the market,” Bespoke Group co-founder Paul Hickey said. As stocks post triple digit losses today, many analysts and investors continue to speculate what a possible end of quantitative easing will have on stock and Precious Metals markets.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,394.00, Up $12.30.
- Silver, $22.52, Up $0.24.
- Platinum, $1,457.10, Down $6.20.
- Palladium, $749.60, Down $9.90.
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.