Mid-Day Gold & Silver Market Report – 7/9/2013


After Gold avoided dropping through key support levels last week following positive employment reports, the metal is up for the second straight session today. Failure to fall below $1,200 an ounce on the heels of Friday’s non-farm payroll numbers has influenced a wave of short covering among Gold investors. Ahead of speculation that the Federal Reserve will imminently diminish its monetary stimulus program, many traders and investors are wondering whether Gold and Silver have reached their lowest level before they reverse their pattern and begin to trend upward. Carsten Fritsch, an analyst with Commerzbank, said Tuesday, “We are probably close to the bottom.” As the future of quantitative easing (QE) remains the focus of many investors, tomorrow’s release of last month’s Federal Open Market Committee minutes will be closely scrutinized in attempts to gain insight into the Fed’s plans for reducing the scale of QE.

Anticipation that corporate earnings data will be better than projected has lifted stocks for the fourth session in a row. “Expectations for second-quarter earnings had fallen quite a bit and we’re beginning to see that the downgrades were by too much. We could see some pleasant surprises in the earnings season,” Brian Jacobsen, chief portfolio strategist at Wells Fargo Advantage Funds, said. Along with liberal monetary policy, strong earnings numbers and gradual improvement in labor markets have influenced the bull market that stocks are currently experiencing. 

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

  • Gold, $1,250.10, Up $12.70.
  • Silver, $19.30, Up $0.17.
  • Platinum, $1,366.90, Up $4.90.
  • Palladium, $697.10, Up $1.70.

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APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/16/2014 6:12:30 PM EST

Metal Bid Ask Change
Gold $1,302.50 $1,304.50 ($1.00)
Silver $19.60 $19.70 $0.02
Platinum $1,426.50 $1,436.50 ($1.30)
Palladium $800.00 $805.00 $1.70
4/16/2014 6:12:30 PM EST

Click here for Historical Charts*All Charts are in USD

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