Mid-Day Gold & Silver Market Report – 7/12/2013
PRECIOUS METALS, STOCKS TAKE BREATHER
Precious Metals prices are trading flat today as Gold and Silver are set for their first week of gains in one month. Federal Reserve Chairman Ben Bernanke’s assuring commitment to ultra-loose monetary policy helped drive the safe haven appeal of metals as a hedge against dollar devaluation. This week’s upward movement has some experts predicting a reversal in the recent downward trend Gold has been experiencing. Felix Zulauf, president of Zulauf Asset Management, said, “Gold has turned here for a good recovery bounce, as the technicals are extremely oversold, leading to a run into the mid/upper $1,300 in coming weeks.” The perpetuation of quantitative easing measures by central governments weighs heavily on world currencies and has traditionally increased demand for Precious Metals.
Following Thursday’s market rally that boosted equities indexes to new record highs, stocks remain relatively flat headed into the weekend. “The market is catching its breath after a big push to a record high,” Alan Gayle, senior strategist at RidgeWorth Capital Management, said. As Ben Bernanke has asserted that monetary stimulus measures will continue uninterrupted, stocks have continued their impressive climb. Investors will await news of a possible exit strategy as analysts and economists weigh the potential effects a tapering program will have on markets.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,279.40, Down $3.50.
- Silver, $19.90, Down $0.15.
- Platinum, $1,407.20, Down $0.40.
- Palladium, $723.70, Up $4.50.
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