Mid-Day Gold & Silver Market Report – 7/11/2013
STOCKS RALLY; GOLD UP FOR 4TH STRAIGHT SESSION
U.S. stocks are continuing to surge today pushing the Dow Jones above its all-time high on the support of continued monetary easing. Art Hogan, market strategist at Lazard Capital Markets, said, “[Fed Chairman Ben Bernanke] didn’t say anything new, but he did remind us we have a dual mandate, and neither one is close right now.” The release of the notes from June’s meeting also recorded many Fed officials are looking for further proof of improvement in the labor market before beginning to cut the QE program.
Statements such as the above were not only bullish for the Dow, but are a bullish indicator for the Gold price. The Gold price jumped near its three week high today as the U.S. dollar fell. The strength of the climb marks the fourth day of positive numbers for the Precious Metal, the longest winning streak for Gold since April. Strong physical demand out of China also contributed to the rising prices. INTL FCStone analyst Ed Meir said, “Commodities will likely push higher going into next week, as the pendulum has clearly swung from a scenario where most participants were expecting the Fed to start paring back stimulus in September to one where there is growing uncertainty that this indeed will happen anytime soon.”
At 1:18 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,281.50, Up $31.60.
- Silver, $20.02, Up $0.77.
- Platinum, $1,408.20, Up $40.10.
- Palladium, $718.80, Up $5.00.
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