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Mid-Day Gold & Silver Market Report – 7/24/2013

GOLD, STOCKS SETTLE LOWER FOLLOWING RALLIES

Gains made by the U.S. dollar versus competing world currencies weighed down the Gold price today after reaching a one month high Tuesday.  As the U.S. Federal Reserve assured investors that continuance of quantitative easing will depend on domestic economic data in the coming months, Gold has responded with a 6 percent increase over four straight sessions.  Regarding the halt of Gold’s four day rally, MKS' head of trading Afshin Nabavi said, “This is a breather we desperately needed …  I think $1,300 [per ounce] ought to remain a strong support.” Traders and investors of Precious Metals are looking to the August 2 announcement of the non-farm payroll data.  The report will also be closely scrutinized by Fed officials, who will consider the information when deciding how to proceed with the U.S. stimulus program.

Equities indexes are down today as investors continue to weigh incoming corporate earnings data.  The S&P 500 neared the 1,700 level as markets now take a breather following a rally that saw the index increase for 12 out of 13 sessions.  The S&P has not experienced such a streak since September 1995.  “The market has had a big run and we are a bit overbought here,” RW Baird & Co.’s chief investment strategist Bruce Bittles said. “There is a lot of optimism coming into the market short-term, so I wouldn’t be surprised if we rested in here for a while.”  Expert analysts and retail investors wonder how long the bull market can be sustained as many wonder if improvement in housing, employment numbers and corporate earnings can outweigh a potential reduction in monetary stimulus measures that have been so essential to boosting stock markets. 

At 1 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,332.70, Down $5.00.
  • Silver, $20.28, Down $0.07.
  • Platinum, $1,447.40, Up $14.30.
  • Palladium, $747.20, Up $6.80.

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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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