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Mid-Day Gold & Silver Market Report – 5/16/2013

GOLD CONTINUES TO STRUGGLE EVEN AS DOLLAR SLIPS

Rebounding slightly from early morning losses, Gold is still down on Thursday despite weak U.S. housing and employment data. The Gold price has continued to decline as rumors of a reduction in the volume of monthly asset purchases by the U.S. Federal Reserve has been positive for the global status of the U.S. dollar. “Any signs of a tapering in quantitative easing by the Fed is able to have profound impact on market psychology and pricing,” Stephen Gallo, European head of FX strategy at BMO Financial Group, said. Though the perpetuation of quantitative easing measures was expected to weigh heavily on the strength of U.S. currency, it remains evident that the dollar is faring well when compared to other leading global currencies. Aggressive monetary stimulus in Japan as well as persistent troubles in the eurozone have boosted the dollar’s standing and inversely put pressure on the desirability of Gold and other Precious Metals.

Stocks wavered this morning following negative economic reports a day after the S&P 500’s record finish on Wednesday. “Today’s disappointing economic reports will set the tone,” Chad Morganlander, fund manager at Stifel Nicolaus & Co, said. “The U.S. economy is still struggling with lackluster growth and the recovery is far from self-sustaining, so equity markets are looking for guidance from central banks for their liquidity high.”  Investors will continue to speculate how long equities can sustain their rally as relatively positive employment and corporate earnings data, along with the Fed’s monetary easing measures, have been strong motivators in boosting stocks

At 1:07 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1,386.20, Down $13.00.
  • Silver, $22.73, Down $0.04.
  • Platinum, $1,485.30, Down $6.90.
  • Palladium, $743.40, Up $12.30.

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Disclaimer:
APMEX 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. 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 Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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