Morning Gold & Silver Market Report – 7/19/2013
EARNINGS SEASON CONTINUES; GOLD GAINS FOR SECOND WEEK
U.S. stocks are showing mixed signals before open this morning as earnings from tech companies weigh on returns. Countering those are positive numbers from giants like GE and Honeywell International, resulting in a uncertain start to the day. Mike McCudden, head of derivatives at Interactive Investor, said, “Earnings disappointment, falling resources prices and profit-taking heading into the weekend break all appear to be weighing on equities right now, and as a result futures are pointing toward a softer start on Wall Street.” Both major indexes climbed to record highs yesterday, supported by comments from U.S. Federal Reserve Chairman Ben Bernanke. Bernanke’s two day testimony before Congress ended yesterday with his confirmation there are no predetermined plans to taper the current quantitative easing that has been propping up the economy.
The Gold price is trading mostly flat this morning but managed to eke out some overnight gains reaching for the elusive $1,300 per ounce mark. If the Precious Metal maintains its course, this will be the second straight week of gains. A slightly weaker dollar and assurances from the Federal Reserve have boosted the Gold price. Danske Bank analyst Christin Tuxen said, "It is still unclear whether the Fed's tapering will start in September or December, and we still need some clarification on that before there will be a clear direction for the dollar and in turn for Gold. At the moment there is not much to drive Gold but a few ups and downs in the euro/dollar trade."
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,294.50, Up $7.30.
- Silver, $19.52, Up $0.06.
- Platinum, $1,423.40, Up $8.60.
- Palladium, $745.00, Down $3.50.
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