Mid-Day Gold & Silver Market Report – 7/26/2013
SILVER FUNDAMENTALS POINT TO UPSIDE POTENTIAL
Precious Metals are down headed into the weekend, though both Gold and Silver are still expected to realize another week of gains. With prices depressed to multi-year lows and the future scale of quantitative easing (QE) still in question, many experts view current Precious Metals prices as an excellent buying opportunity for investors. The massive sell-off of Silver futures contracts in the first half of 2013, which reduced the price by nearly 34 percent year-to-date, has diminished the Silver price to a level that has analysts touting the metal’s tremendous upside potential. As Silver prices have fallen to what some experts refer to as “artificially low” prices, many anticipate a reduction in Silver production. “The basic influence on Silver is the supply/demand relationship and there are potential issues for lower supply and higher demand at these lower price levels,” Michael Haynes, chief executive officer at APMEX Inc., said.
Stocks are set to sustain their first week of losses in nearly a month. The Dow Jones Industrial Average fell more than 100 points at one point as disappointing corporate earnings data weighed on investor sentiment and as concern continues surrounding the pullback of QE. “Fundamentals have been good, but the fundamentals from here are not going to support a run higher,” Timothy Hoyle, the director of research at Haverford Investments, said. As the month of August begins, anxiety remains a constant for investors who believe the Federal Reserve will begin cutting back the level of monetary stimulus in September.
At 12:11 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,323.10, Down $8.70.
- Silver, $19.83, Down $0.42.
- Platinum, $1,424.60, Down $23.30.
- Palladium, $723.80, Down $18.00.
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