Closing Gold & Silver Market Report – 5/29/2013
GOLD MOVES UP AS DAY ENDS
As the day winds down, the cost of Gold is moving up due to the U.S. dollar losing value against other major currencies and strong physical metals buying. While Gold holdings in exchange traded funds [ETFs] are down again today, the physical market reports keep getting stronger. The Gold sales figures from the U.S. Mint are quite impressive, as they are on pace to sell more than 62,000 ounces of Gold this month, which would be a 17 percent increase from this time a year ago.
The world’s largest buyer of Gold has taken notice of the lower prices and the numbers are staggering. In the second quarter, India’s imports of Gold will be between 300 and 400 metric tons. In comparison, that is about half of the total Gold imports for all of 2012. “This report leads us to conclude that Asian markets will see record quarterly totals of Gold demand in the second quarter,” World Gold Council investment research managing director Marcus Grubb said in a report today. “Even if ETF outflows continue in the U.S., it is quite likely that the Gold previously held in ETFs will find a ready market among Indian, Chinese and Middle Eastern consumers who are taking a long-term view on the prospects for Gold.”
At 5:00 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1394.20, Up $12.50.
- Silver, $22.51, Up $0.23.
- Platinum, $1455.90, Down $7.40.
- Palladium, $750.30, Down $9.30.
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