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Mid-Day Gold & Silver Market Report – 7/30/2013

GOLD REGAINS GROUND ON WEAK CONSUMER CONFIDENCE

The Gold price has recovered from early morning losses as waning consumer confidence reports for July helped challenge certain expectations for the future of U.S. monetary policy.  Investors will be intently scrutinizing the outcome of stimulus discussions at this week’s Federal Open Market Committee (FOMC) meeting to gain perspective on structuring their portfolios.  Anticipating this meeting, Gold investors increased their net long positions, driving the metal to a third consecutive week of gains.  As the U.S. continues to eye every utterance from Fed officials concerning quantitative easing, eastern nations, who have historically had a greater appetite for Gold, persist in their desire for the yellow metal.  “Gold premiums continue to rise in both China and India, indicating the physical Gold demand pressure,” GoldForecaster.com contributor Julian Phillips said. 

As the majority of corporate earnings results have been adequate, investors look to the outcome of this week’s Fed meeting for market indicators headed into August.  “A pickup in second-half earnings will be crucial to move further from here on. Markets will be sensitive to economic announcements again this week and particularly to what the Fed has to say,” Ashburton Ltd. investment manager Veronika Pechlaner said.  With the S&P 500 realizing its largest single month gain (5.2 percent) since October 2011, many analysts ponder the impact that a reduction in monetary easing will have on the benchmark index. 

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

  • Gold, $1,325.50, Down $6.10.
  • Silver, $19.79, Down $0.16.
  • Platinum, $1,438.60, Down $5.10.
  • Palladium, $730.70, Down $15.40.
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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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