Morning Gold & Silver Market Report – 5/30/2013
ECONOMIC DATA DISAPPOINTS, BUMPS UP GOLD
U.S. stock futures held steady while Precious Metals added to gains after this morning’s release of economic data. First quarter U.S. gross domestic product (GDP) figures were revised downward to show a 2.4 percent growth, though expectations were for no change. Also, the weekly jobless claims report showed claims jumped by 10,000, which was more than expected. Precious Metals prices jumped after the news, as the less than stellar economic data points toward business-as-usual for the U.S. Federal Reserve’s quantitative easing program.
The Gold price finally broke through the $1,400 per ounce level and many analysts are looking for the price to hold to show that it has broken through the resistance point. SP Angel analyst Carole Ferguson said, “The fall in equity markets in the past few days shows that there is perhaps some concern that these had moved up too quickly at a time when you also had everyone buying the [U.S.] dollar on expectations of U.S. recovery. I think the reversal of that is what is obviously helping Gold and prices could settle not far from here if the $1,400 level is sustained, which will depend on whether investors continue to buy into risk or not.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,409.50, Up $15.70.
- Silver, $22.87, Up $0.33.
- Platinum, $1,465.60, Up $11.10.
- Palladium, $755.10, Up $5.00.
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