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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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Disclaimer:
APMEX’s ‘Market Reports’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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