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Mid-Day Gold & Silver Market Report – 7/5/2013

STOCKS HOLD ON TO GAINS; GOLD SUFFERS

Stocks have wavered some but are staying positive today on a strong jobs report. Investors can expect continued volatility today with fewer participants in the trading session, which would help even things out. It seems that investors may have decided that the most recent jobs report is not a “Goldilocks” report, a term financial analysts have begun using for reports that are just good enough to point to continued economic recovery, but not so good that the Fed will wind down the QE program too soon. Quincy Krosby, market strategist for Prudential Financial, said, “It’s obvious that Treasury traders believe this is enough for the Fed to begin to taper.” The consensus is that tapering will happen sometime between September and December.

The news for the Gold price is sounding like a broken record this afternoon. Positive data had the anticipated inverse reaction on the Gold price, pushing the Precious Metal down about three percent today. Natixis analyst Nic Brown summarized the current sentiment well when he said, “After the strong U.S. numbers we are approaching the point in which the Fed will start to taper and as a consequence we fully expect that, if the U.S. economy continues to improve, you will see a further strengthening of the dollar, which is negative for the dollar-denominated Gold price."

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,216.30, Down $37.60.
  • Silver, $18.86, Down $0.93.
  • Platinum, $1,324.30, Down $22.50.
  • Palladium, $678.90, Down $6.90.

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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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