Mid-Day Gold & Silver Market Report – 6/3/2013
POOR MANUFACTURING BOOSTS GOLD
Weak manufacturing data for the month of May has weighed on the dollar this morning causing a lift in Precious Metals prices. Today’s boost comes after last Friday’s session saw the Gold price fall 1.4 percent after figures showed U.S. consumer sentiment at its highest level since 2007. Reports showed that industrial output fell for the first time since November. Divergent economic data continues to cause uncertainty about the future of the Federal Reserve’s monetary easing program. Jeffrey Wright, managing director at Global Hunter Securities claimed, “Drawing out the process of stopping QE [in the U.S.] or the rate of QE is supportive for Gold in the near term, since it will delay a rise in real interest rates.”
While Gold and Silver are enjoying gains during the first half of Monday’s session, stocks have fluctuated between gains and losses following the unexpected U.S. manufacturing news. Observing the Institute of Supply Management’s May manufacturing report, John Lynch, regional chief investment officer for Wells Fargo Private Bank, said, “The ISM report was decidedly negative. Bad news can only be good news for so long for stock prices. At some point it will impact earnings and market levels.” As analysts weigh the latest economic news, investors will await further indicators that could impact the Fed’s decision to taper or extend quantitative easing measures.
At 1 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,414.00, Up $19.00.
- Silver, $22.81, Up $0.47.
- Platinum, $1,499.50, Up $36.20.
- Palladium, $758.80, Up $5.10.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! 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.