Mid-Day Gold & Silver Market Report – 7/23/2013
GOLD STEADIES FOLLOWING MONDAY’S PRICE JUMP
The Gold price has steadied today following the largest single day increase in over one year. As Gold broke through the $1,300 resistance level after assurance from the Federal Reserve that quantitative easing (QE) will continue uninterrupted, many traders were forced to close out short positions as several days of upward momentum helped lift prices. However, many analysts continue to speculate about the short-term prospects for Gold as QE tapering is expected to strengthen the dollar versus competing currencies and inflationary concerns continue to be unsubstantiated. As the sell-off of Gold-backed exchange traded funds continues and physical demand for Gold in eastern nations remains in question, investors will await firm declarations from economic policy makers to decide how to pursue future Precious Metals investments.
Equities indexes wavered this morning, leaving stocks relatively flat midway through Tuesday’s trading session. Following a day that saw the S&P 500 continue its winning streak to end the day at a new record high, markets continue to assess some disappointing corporate earnings data. As the market rally endures the perpetuation of loose monetary stimulus measures, many analysts are still bullish as the S&P 500 is up 151 percent from its March 2009 low. “The momentum is slowing a bit, but the trend is still up,” John Fox, fund manager and director of research at Fenimore Asset Management Inc., said.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,338.40, Down $0.60.
- Silver, $20.37, Down $0.23.
- Platinum, $1,444.80, Down $3.20.
- Palladium, $741.00, Down $10.50.
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