Morning Gold & Silver Market Report – 7/24/2013
METALS FLAT AS INVESTORS WEIGH DATA
Precious Metals prices are flat this morning, while U.S. stock futures are on the rise. News out of China and other economic data from around the world continue to affect prices as investors look for clues as to what will happen next. Andy McLevey of Interactive Investor said, “Arguably, so long as we have the promise of cheap money on the table, then there’s scope on the upside. But that disappointing Chinese PMI [which fell to an 11-month low] should also be acting as a cautionary note to the market.”
MarketWatch’s Andy Xie forecast a $3,000 per ounce price tag for Gold in the next five years, citing the case that the East will be taking over Gold’s mantle from the West in that time period. He said, “China and India account for roughly two-thirds of global demand for Gold. … The tension between where Gold is priced and where demand is located is manifesting itself in two ways: first, Gold shops in Asia have no physical Gold to meet demand; and second, the price of Gold set in Shanghai is consistently higher than in London or New York. Physical Gold is likely to flow from the West to the East due to the pricing gap. It is only a matter of time before the warehouses of London and New York are emptied. When the stock is all shifted to the East, the price fixed in Shanghai will become the real price.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,337.20, Down $0.50.
- Silver, $20.28, Down $0.06.
- Platinum, $1,445.50, Up $2.40.
- Palladium, $738.70, Down $1.80.
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