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Mid-Day Gold & Silver Market Report – 3/5/2013

MORGAN STANLEY PROVIDES BULLISH FORECAST FOR GOLD

Investment firms continue to provide their outlook for Gold with the latest two offering similar predictions. Bank of America Merrill Lynch estimates Gold will reach $1,680 an ounce in 2013 and $1,838 an ounce in 2014. Previous estimates had Gold reaching $2,000 an ounce by Q2 2013. “After a multi-year rally, Gold prices have been range-bound for several quarters,” said Michael Widmer, Bank of America Merrill Lynch’s metals strategist. “In our view, headwinds to Gold prices will persist in the near term.” Morgan Stanley remains bullish for the yellow metal as they suggest the current prices provide a buying opportunity for investors. Morgan Stanley Chief Metals Economist Peter Richardson said, “In these circumstances, we believe that Gold has demonstrated considerable technical strength, offers good value at current prices both as an entry level to the trading range between US$1,540/oz and US$1,800/oz and as an option on any remaining upside surprise above this range that might result from the third part of the Great Monetary Easing.”

The Institute for Supply Management’s non-manufacturing index rose for the month of February to 56 from 55.2 in January. The increase reflects expansion from such industries as the housing market and service sector. “Business spending and investment continues to trend fairly strong despite some apparent consumer income pullbacks,” Guy Lebas, the chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report. “It’s a much more stable outlook.”

At 1:36 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,577.30, Up $2.90.
  • Silver, $28.73, Up $0.18.
  • Platinum, $1,588.30, Up $20.10.
  • Palladium, $734.40, Up $20.90.

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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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