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Morning Gold & Silver Market Report – 11/6/2013

DOLLAR TRADE GIVES INVESTORS CLUES; PALLADIUM COULD HIT $1,100

The Gold price is heading higher in morning trading after hitting a three-week low. Analysts are still looking to the U.S. dollar for clues as to Gold’s movement. CME Group explained, “Once again, the Gold market seemed to shift its market focus from a recent fear of U.S. tapering to a temporary period where positive data served to lift prices. The Gold trade might be expected to continue to watch for upbeat data and that could lift Gold prices if that in turn doesn’t serve to lift the greenback.”

Palladium has enjoyed a nice year, and someone is finally noticing. J.C. Parets of the All Star Charts blog, and founder and president of Eagle Bay Capital, LLC, believes that Palladium’s rally isn’t quite over and predicted a price of $1,100 per ounce in the longer term. Parets’ technical analysis led him to this prediction, and he mentioned Palladium as “one [Precious Metal] that doesn’t get a lot of attention. I love that.”

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,319.20, Up $9.10.
  • Silver, $21.93, Up $0.25.
  • Platinum, $1,467.40, Up $16.40.
  • Palladium, $759.60, Up $8.30.
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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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