Mid-Day Gold & Silver Market Report – 7/22/2013
HOUSING NUMBERS BRING U.S. DOLLAR DOWN, GOLD UP
The Gold price has continued its climb in morning trading and is looking to close above $1,300 per ounce for the first time in more than one month. After the National Association of Realtors said that home sales in the U.S. fell by 1.2 percent, the U.S. Dollar fell against other currencies, leading to further increases to Gold’s price. Analysts have also pointed to a move in China which has made it easier to borrow money, while not rewarding savers. The analysts said, “That spells ‘buy Gold’ in Mandarin just as it does in all other languages.”
China made this move in reaction to reports that are showing that its economic growth is slowing; however, at least one analyst believes this will not help. May Yan at Barclays said, “The scrapping of the lending rate floor will likely have little impact on bank lending rates as banks don't compete on pricing and they rarely lend at lending rate floor. Therefore, the real economy may not get lower funding cost, and economic growth may not benefit much from this move. … We do not expect banks to change much of their behavior after the announcement.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,336.10, Up $40.20.
- Silver, $20.57, Up $1.02.
- Platinum, $1,450.00, Up $18.80.
- Palladium, $751.90, Up $1.10.
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