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Mid-Day gold & Silver Market Report – 11/13/2013

GOLD MARKETS FLAT AS PHYSICAL BUYING HALTS SELLOFF

The selloff of Gold has been temporarily curbed due to physical demand from central banks on expectations that the Federal Reserve will soon begin tapering its monetary stimulus measures.  “The weakness in equities is bringing some people to Gold,” David Meger, director of metal trading at Vision Financial Markets, said. “The price drop has improved physical demand.” Lower prices have pushed volume at the Shanghai Gold Exchange to a one month high as China, the world’s second largest buyer of Gold, takes advantage of lower prices.  The next technical level that Gold needs to breach in order for traders and investors to see a bullish trend will be above $1,326 an ounce.   

Stocks are down again today as the Dow Jones Industrial Average and S&P 500 are set to realize two straight sessions of losses for the first time this month.  Investors are eyeing global market data and central bank policies to gain perspective on the future of U.S. stocks.  With most analysts and economists predicting an initial taper of Fed stimulus measures in March, expectations of a sooner-than-expected reduction could cause markets to fall further. 

At 1:20 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,274.00, Up $0.80.
  • Silver, $20.57, Down $0.26.
  • Platinum, $1,431.50, Down $9:10.
  • Palladium, $731.60, Down $11.80.

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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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