Morning Gold & Silver Market Report – 7/15/2013
GOLD RETREATS, STOCKS POSITIVE ON RETAIL SALES
The Gold price dipped lower in overnight trading Monday after posting the strongest weekly gain in nearly two years. A stronger dollar, rising ahead of U.S. retail sales data, is putting pressure on the Precious Metal. Danske Bank analyst Christin Tuxen said, “There is expectation that U.S. retail sales may be a fairly good number following the steady improvement we have seen in the past few months, which of course could add to the picture that will impact on the Fed's decision to taper stimulus.” The Gold price’s rise last week was due in part to U.S. Federal Reserve Chairman Ben Bernanke’s comments supporting continued easing for the foreseeable future. Tuxen continued to say, “The main focus is Bernanke's testimony to the Congress [Wednesday and Thursday], and that should really give us more guidance to whether tapering will start in September or December.”
While retail sales data may be hurting the Gold price, it is fueling U.S. stock prices. David Kelly, chief global strategist at J.P. Morgan Funds, said, “[The retail-sales report for June] should reassure analysts that despite some weakness in overall GDP growth, real consumer spending should have grown for the 14th consecutive quarter this spring.” This morning’s gains come on the heels of record closings Friday for both the Dow and the S&P. Bank earnings are still in the spotlight today as the second quarter earnings season continues.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,283.70, Up $3.10.
- Silver, $19.86, Down $0.03.
- Platinum, $1,412.10, Up $5.20.
- Palladium, $725.60, Up $1.80.
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