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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.

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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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