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Mid-Day Gold & Silver Market Report – 4/2/2012

MANUFACTURING SUPPORTING RECOVERY; GOLD SET TO RALLY?  

Gold prices have pushed above $1,680 during Monday’s trading. The opportunity cost of holding Gold is remaining low as the Federal Reserve remains committed to low U.S. interest rates. An improving economy could cloud the picture, as it would push back the possibility of additional quantitative easing, which could lead to an eventual hike in interest rates. Standard Chartered analyst Daniel Smith said, “We think that the downside is actually quite limited from here.” He added, “We think that actually Gold will tend to rally in the months ahead on the back of a wider improvement in liquidity, which we’re seeing across the macrospace.” 

The U.S. manufacturing sector expanded at a faster pace in March, with the factory index climbing to 53.4. This increase over February’s 52.4 number was driven by gains in employment and production. American manufacturing continued to gain traction on new business investment on equipment and on pent-up demand for autos. “We are seeing a broadening in the improvement across the economy,” said Millan Mulraine, a senior U.S. strategist at TD Securities in New York, who projected the index would climb to 53.8. “I’m encouraged by the backlog of orders which remains quite supportive of stronger momentum.”

The March manufacturing numbers have pushed Brent and U.S. crude oil futures higher today. This price increase also is being supported by continued supply disruption concerns. While actual supply from Syria, Yemen and South Sudan already has been cut, the Iranian oil supply is still the main worry for oil markets. Saudi Arabia is pumping nearly 10 million barrels per day, and OPEC’s production is at its highest since 2008.

At 12:11 p.m. (CDT), the APMEX precious metals spot prices were:

  • Gold - $1,680.90 – Up $9.50.
  • Silver - $33.23 – Up $0.70.
  • Platinum - $1,655.80 – Up $12.70.
  • Palladium - $659.50 – Up $4.40.

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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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