Closing Gold & Silver Market Report – 7/18/2013
GOLD LEVEL AS TECHNICAL RESISTANCE BOOSTS DEMAND
The Gold price rebounded from morning losses to realize moderate gains today. Thursday’s price increase marks the seventh session out of nine that Gold has ended the day higher. Gold is continuing to hold steady around $1,280 as many investors are still taking advantage of lower prices. “As the metal shows a bit of resiliency lately, many seem to be unwilling to pass on a bargain price,” Citringroup founder and executive chairman Jonathan Citrin said. “Some prices are just plain hard to resist.” Referencing Gold’s recent resilience, Citrin added that Gold “may have reached a technical bottom in the emotional eyes of traders.” As it appears U.S. Federal Reserve Chairman Ben Bernanke favors prolonging economic stimulus measures rather than prematurely reducing the current scale, many analysts continue to view Gold as a strong alternative to the U.S. dollar.
The bull market continued its push forward today, rallying the S&P 500 to a new record finish on the heels of strong economic data. Jobless claims have fallen once again and promising corporate earnings reports are still breathing life into equities markets. As it becomes more apparent that the end of quantitative easing is on the horizon, ongoing economic improvement (despite monthly injections of liquidity into U.S. markets) continues to fuel investor optimism and the surge of stocks around the world.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,286.80, Up $7.30.
- Silver, $19.48, Down $0.04.
- Platinum, $1,414.80, Up $3.80.
- Palladium, $746.10, Up $9.70.
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