Morning Gold & Silver Market Report – 7/22/2013
GOLD BREAKS $1,300; U.S. STOCKS STRUGGLE
The Gold price hit a one month high in overnight trading as the U.S. dollar weakened. Buying picked up steam after prices broke through the key resistance level of $1,300 an ounce, a level that the Precious Metal had tested, but failed to beat in the past month. Gold prices reached as high as $1,322.50 before relaxing back down only to spike again before the U.S. stock market open. The major story for Gold has been the potential end of quantitative easing (QE). Federal Reserve Chairman Ben Bernanke’s reassurances that the withdraw of the QE program would depend on economic conditions encouraged a strong week of gains for the yellow metal.
U.S. stocks are struggling to maintain the pace they have set in recent weeks. A poor earnings report from McDonald’s Corp. has put a damper on early gains. Other companies are reporting second quarter profits under target; companies like Hasbro and Halliburton reported below expectations. It isn’t all doom and gloom though. Dan Greenhaus, chief global strategist at BTIG LLC, said, “With the first major week of earnings behind us, a few things are quite clear. First, earnings are not coming in as badly as feared.” He continued on to say that earnings dominated by financials were “almost all better than expected.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,323.60, Up $27.70.
- Silver, $20.35, Up $0.81.
- Platinum, $1,442.30, Up $11.10.
- Palladium, $751.00, Up $0.30.
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