Mid-Day Gold & Silver Market Report – 7/19/2013
WEAK DOLLAR, STOCKS BOOST APPEAL OF GOLD
As stocks struggled during morning trading, Gold is up again, set for its second positive week in a row. Though the move upward is not as vigorous as many investors would like, a weaker U.S. dollar and lower equities figures have traditionally been positive for the yellow metal. Following this week’s Congressional testimony by Federal Reserve Chairman Ben Bernanke, Gold gained support as it became clear that quantitative easing will remain unaltered for the time being. Though Bernanke alluded to the recent difficulty in predicting price patterns for Gold, many experts have referenced a drop in overall Gold production along with strong physical demand in Asia as two key mechanisms providing support for the metal.
U.S. stocks are taking a breather today as both the Dow Jones Industrial Average and S&P 500 rose to record levels Thursday. Today’s wavering stock prices are due to disappointing corporate earnings data from several key organizations. “It is a bit of a lukewarm earnings overall with a couple of high-profile misses,” PNC Wealth Management chief investment officer James Dunigan said. “When you see some weakening there it does give some pause to what the earnings picture will be moving forward.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,295.70, Up $8.60.
- Silver, $19.54, Up $0.06.
- Platinum, $1,430.70, Up $15.90.
- Palladium, $750.30, Up $1.80.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help