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Closing Gold & Silver Market Report – 7/30/2013

QUIET DAY FOR EQUITIES, GOLD

Wednesday is setting itself up as a big news day with the release of the second-quarter gross domestic product (GDP) report and the ever-important meeting of the U.S. Federal Reserve. The economy is measured by the GDP and a decline down to 1 percent is expected. In the first quarter of 2013, the economy grew to 1.8 percent; the country’s long term average is 3.2 percent. In short, the economy is growing, just not as fast as the current administration would like. The report can sometimes be at odds with other market indicators, such as the jobs report. In addition, the Labor Department will periodically change the way the GDP is measured. Richard Moody, chief economist at Regions Financial Corp, said, “We look for growth over recent quarters to be revised higher — the data on employment and income have been at odds with the GDP data so something has to give, and our money is on an upward revision to GDP growth over recent quarters.”

The Gold price retreated slightly as today was a low volume trading day. On days like this, many investors sit on the sidelines and wait for news, such as the Fed’s policy statement, before making a move. Much of Gold’s pricing is affected by the Federal Reserve. Jeffrey Sica, chief investment officer at Sica Wealth, summarized it by saying, “If [U.S. Federal Reserve Chairman Ben] Bernanke comes out and specifically indicates that there is underlying weakness in the jobs market, then I think Gold is going to go much higher.” Gold moved above the $1,300 per ounce mark on Bernanke’s comments that the Fed would support quantitative easing until the economy showed the appropriate strength.

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,327.90, Down $3.70.
  • Silver, $19.77, Down $0.18.
  • Platinum, $1,439.90, Down $3.80.
  • Palladium, $731.00, Down $15.20.

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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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