Mid-Day Gold & Silver Market Report – 11/27/2013
GOOD ECONOMIC FIGURES REVERSE EARLIER GAINS FOR GOLD
Precious Metals have pared early gains following a batch of positive economic data. Reports showing stronger consumer sentiment in the U.S. and the eurozone, a drop in U.S. jobless claims and solid growth in the U.K. helped temporarily cool the demand for Gold and Silver as domestic investors continue to view upbeat economic news as bearish for Precious Metals. While prices dipped slightly in the U.S., physical Gold demand remains strong as lower prices offer a buying opportunity for retail investors and central banks. “The very high imports are primarily an expression of China’s undiminished appetite for gold,” Commerzbank AG analysts said. “Traders and jewellers continue to seize every opportunity to buy gold in response to noticeably increased demand among retail investors for jewelry, coins and bars in the wake of the price fall.”
While the Gold price remains under pressure, U.S. stocks were lifted by today’s economic news. “Today good news economically is good news for the market,” Jim McDonald, chief investment strategist at Northern Trust Corp., said. “We got a dose of better data and that’s giving a bid to stocks.” Continued news of improved consumer outlook along with better jobless numbers will weigh on the minds of investors who see positive news as an indicator of impending an reduction in the Federal Reserve’s monetary stimulus measures.
At 1:08 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,243.30, Down $0.60.
- Silver, $19.73, Down $0.18.
- Platinum, $1,353.40, Down $19.50.
- Palladium, $723.80, Down $1.70.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.