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Closing Gold & Silver Market Report – 3/6/2013

CENTRAL BANK GOLD BUYING CURBS DOWNWARD PRESSURE AS EQUITIES RISE

Even with downward pressure being applied by strong jobs data and record equity levels, Precious Metals prices remain up slightly as we reach the close of today’s session. As stock indexes reach all-time highs, many analysts are concerned that the recent market rally has climbed much too high in such a short amount of time. This fear along with the expectation of the European Central Bank, the Bank of England, the Bank of Japan and the U.S. Federal Reserve to maintain liberal monetary easing policies have propped up Gold today and are expected to prove bullish for Gold long-term.

As the Dow Jones Industrial Average adds to its record level, the S&P 500 is also up today as signs indicate economic growth in sectors that have been, up until recently, slow to recover. “The market’s responding to some degree to fundamentals,” said Stephen Wood, chief market strategist for North America at Russell Investments. “The economy is growing, albeit at a frustrating pace,” he said. “We’re seeing housing begin to contribute rather significantly to the economy.” The Federal Reserve’s quantitative easing policy has been the primary factor propelling equities markets forward. It has also been historically supportive of Precious Metals. As economic experts do not expect a cessation to the Fed’s current stimulus program in the near future, investors should continue to seek out a hedge against currency devaluation by purchasing Gold and Silver.

At 4:07 p.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,585.30, Up $8.40.
  • Silver, $29.08, Up $0.43.
  • Platinum, $1,590.90, Up $3.20.
  • Palladium, $745.90, Up $12.30.

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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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