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

PRECIOUS METALS BEGIN AND END WEEK WITH A RISE

The week began with the unofficial start to the second quarter earnings season, and futures pointed 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.”

Precious Metals mostly added to gains during Monday trading, and strategists at Deutsche Bank believe that the correction could be finished. With the caveat that Federal Reserve policy decisions could still hamper Gold’s recovery, the statement read, “It is possible that the major part of the Gold price correction has already occurred.” At Monday’s opening, the Gold price was approximately 30 percent down from its record high in September 2011.

POSITIVE DAY FOR STOCKS WITH A RECOVERING ECONOMY

U.S. stocks climbed on Tuesday, specifically the S&P 500. The S&P was within one percent of closing at it’s all time high as Wall Street seemed to be embracing a stronger economy, including higher interest rates. The Gold price extended its positive numbers into a second day, rising the most in seven sessions after breaking through a key technical level. China’s inflation data boosted the Precious Metal’s appeal as a hedge against inflation for the world’s second largest consumer of Gold. Analysts have said that rising Chinese inflation should hamper significant easing responses as we continue to see this enhanced demand for Chinese Gold.

WEDNESDAY’S FOMC MINTUES RELEASE SUGGESTED CONTINUING MONETARY EASING

Mid-week the minutes were released from the Federal Reserve’s June meeting, which affirmed many investors’ presumptions that officials prefer to see an improvement in the job market before tapering fiscal policy. “The Gold market is pleasantly surprised, and is rallying on the minutes,” Tom Power, a senior commodity broker at R.J. O’Brien & Associates in Chicago, said. “The unemployment number is the key number that the Fed is watching, and with that still above 7.5 percent, investors think that easing is here to stay for some time.” Gold increased by 0.3 percent after the minutes were released, extending its gains to a third consecutive day.

METALS END THE WEEK ON A POSITIVE NOTE

Precious Metals prices began trading flat Friday as Gold and Silver were set up 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.

 

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,286.10, Up $3.20.
  • Silver, $19.95, Down $0.10.
  • Platinum, $1,409.00, Up $1.40.
  • Palladium, $722.40, Up $3.20.

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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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