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Morning Gold & Silver Market Report – 07/01/2013

U.S. STOCKS, GOLD START JULY STRONG

Wall Street rose during the second quarter while the Gold price had one of its worst quarters in history. Stocks finished the month up amid concerns about the U.S. Federal Reserve’s tapering of their quantitative easing program. As July gears up, an upbeat managers survey in Europe helped overcome some of the lackluster readings on Chinese factory activity and investors are now looking forward to this morning’s manufacturing data and construction spending. But it isn’t all smooth sailing this week. Mike McCudden, head of derivatives at Interactive Investor, said, “Volumes will likely be depressed by the Independence Day holiday later in the week, plus the fact there’s the nonfarm payrolls on Friday, and there’s absolutely the prospect for some rampant volatility, even if overall markets remain relatively unchanged.”

The Gold price is on the rise to start the month, ahead of this week’s economic data, as the U.S. dollar retreated from Friday’s four-week high. Saxo Bank senior manager Ole Hansen said, “Today's rebound is showing us that a lot of the panic activity has run its course for now... positions that needed to be reduced were reduced last week. Obviously, investors will watch the [European Central Bank] meeting and U.S. data this week and any impact on currencies will affect Gold too.”

At 9:02 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,239.00, Up $13.30.
  • Silver, $19.70, Up $0.13.
  • Platinum, $1,359.50, Up $19.60.
  • Palladium, $678.40, Up $17.70.

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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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