Closing Gold & Silver Market Report – 10/23/2013
GOLD CLIMBS ON POSITIVE CHINESE ECONOMIC DATA
Precious Metals prices continued their rise today with Gold futures climbing more than one percent. It is a five week high for Gold that comes on news of positive manufacturing data from China showing a seven-month high in the country’s Purchasing Managers’ Index. Naeem Aslam, chief market analyst at AvaTrade, said, “The economic recovery is getting better in the country. This is definitely a positive sentiment for Gold demand, given that China is one the biggest consumers of Gold.”
Investors are adding record amounts of margin debt as the stock market nears all-time highs. September margin levels grew to a record $401 billion. The gain of 4.78 percent for the month was also the largest increase since January, creating concern for some analysts. Paul Hickey, co-founder of Bespoke Investment Group, said, “Investors love going on margin in a rising market environment, but when the market declines, it can be extremely painful.”
At 5:57 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,348.80, Up $12.80.
- Silver, $ 22.77, Up $ 0.11.
- Platinum, $ 1,452.20, Up $ 11.60.
- Palladium, $ 748.10, Up $ 1.10.
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