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Morning Gold & Silver Market Report – 7/12/2013

STOCKS HOLD STEADY; GOLD DEMAND HIGH IN CHINA

The U.S. stock market is holding steady this morning in premarket trading after surging yesterday to record highs. Banking juggernauts J.P. Morgan Chase & Co. and Wells Fargo have already reported earnings; on tap for later are producer prices, consumer sentiment data and a few Federal Reserve speakers. Bank earnings are taking center stage as the financial sector is projected to have the highest earnings-growth rate of any sector for the second straight quarter in the S&P index.

Gold prices are coming down after a four day rally, but demand in China, the second largest consumer of Gold in the world, remains high. Demand relative to supply is so high that Gold premiums were at levels not seen since April of this year. These premiums are predicted to remain tight for the next few months. Prices for .9999 pure Gold on the Shanghai Gold Exchange were nearly $30 per ounce above the London spot price today; normal Gold premiums are usually $5 to $7 above spot. The supply is tight due to import quotas by the Chinese central bank and a seasonal shutdown of Gold refineries. Gold bars are becoming scarce in the country. Albert Cheng, managing director for the Far East region of the World Gold Council, said, “The current Gold supply is getting increasingly constrained while the demand remains strong.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,275.30, Down $7.10.
  • Silver, $19.88, Down $0.17.
  • Platinum, $1,402.50, Down $5.10.
  • Palladium, $710.80, Down $7.50.

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.

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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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