Morning Gold & Silver Market Report – 7/8/2013
EARNING SEASON BEGINS; STOCKS, GOLD UP
It’s the unofficial start to the second quarter earnings season, and futures are pointing positive. Earning seasons are the months following the end of a quarter; January, April, July, and October. Aside from the regular slew of financial news this week, including the release of the minutes from the Federal Open Market Committee meeting from June, investors will begin looking toward second-quarter earnings. Many companies have already brought down their growth forecasts, including financial firms which are expected to set the tone this quarter. Dan Greenhaus, chief global strategist at BTIG, said, “This would be the second consecutive quarter of unimpressive earnings growth, which is rubbing many clients the wrong way.” Companies to watch this week are Alcoa today and JP Morgan and Wells Fargo on Friday.
The Gold price is moving higher today as investors find value in the Precious Metal after falling 10 percent since Federal Reserve Chairman Ben Bernanke announced the Federal Reserve would start tapering the bond buying program that has propped up the Gold price. Peter Fertig of Quantative Commodity Reaserch has a different view when he said, “We had a good [nonfarm payrolls] number on Friday but the unemployment rate remains unchanged at 7.6 percent and it is not a done deal that the Fed will start tapering its bond-buying in September.” Potential gains of the Precious Metal have been held in check by a rising U.S. dollar.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,231.50, Up $16.30.
- Silver, $19.15, Up $0.32.
- Platinum, $1,352.00, Up $26.10.
- Palladium, $671.30, Up $18.30.
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.