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.
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.