Mid-Day Gold & Silver Market Report – 7/25/2013
U.S. STOCKS IN CHOPPY TRADE; GOLD ADDS TO GAINS
The major indexes are trading like a roller coaster today. The Dow is down while the NASDAQ is up followed by lower prices for the S&P 500. Investors are digesting mixed corporate and economic reports. Phil Orlando, equity market strategist at Federated Investors, suggested, “[The S&P 500] got up to just under 1,700 here this week, and had trouble breaking through. From a technical perspective, we need to pause or consolidate a little.” The index has seen a 9 percent gain over the past month. Orlando says there is room for a bit of a correction if necessary.
The Gold price has bounced back from early losses as the U.S. dollar fell against the basket of currencies it is measured against. Gold has seen its fair share of the roller coaster over the past few weeks as investors continue to look for a clear direction based on Federal Reserve monetary policy. Mitsubishi analyst Jonathan Butler said, “Gold is still searching for some decisive news either way from which it can take a trend. In the absence of that, we are going to see some pretty choppy, volatile trading.” The Gold price continues to trade in a very tight range between $1,300 and $1,330.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,332.70, Up $10.20.
- Silver, $20.29, Up $0.18.
- Platinum, $1,449.90, Down $5.30.
- Palladium, $741.20, Down $5.10.
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