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Mid-Day Gold & Silver Market Report – 6/25/2013

U.S. STOCKS UP, GOLD DOWN ON POSITIVE DATA

Stocks retreated yesterday but are recovering some of the lost ground today as investors are embracing economic reports showing stabilization in manufacturing and a rise in home prices. Art Hogan, market strategist at Lazard Capital Markets LLC., said, “For the first time in this current cycle we’ve looked at good economic data as good news. If we continue to get the market reacting positively to good economic data, we’ve gotten to the place we should be.” Some of that positive data includes the Commerce Department’s news showing durable-good orders rising 3.6 percent in May and the consumer confidence index rose from 74.3 up to 81.4 in April. This constitutes the biggest jump in seven years.

Although this positive data is good for stocks, it is pushing Gold prices lower. Positive housing data and the consumer confidence rating has lifted the U.S. dollar. The Gold price and the U.S. dollar typically have a strong inverse correlation. Sharps Pixley chief executive Ross Norman said, “Gold seems to have lost some of its bounce. You're not seeing it push back much after selling. When we do get good news, the moves are tentative.”

At 2:42 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,276.80, Down $2.30.
  • Silver, $19.66, Up $0.05.
  • Platinum, $1,352.30, Up $21.20.
  • Palladium, $666.00, Up $8.40.

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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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