Closing Gold & Silver Market Report 4/18/2012
ANALYST SEES MARKET AS ‘ACCIDENT PRONE’
Precious metals prices remained down across the board, following morning and midday trends. Asia’s physical demand for Gold is down now. James Steel, chief commodity analyst at HSBC, said, “The lack of physical demand in Asia was an issue. We haven’t seen India come back heavily after the end of the jeweler strike. And volume was low, so it doesn’t take a great deal of selling to move the market.”
Citigroup’s chief U.S.A. equity strategist Tobias Levkovich spoke to CNBC today about his skepticism on the stock market and how the market has been reacting to news. Levkovich said, “Apparently we resolved all of Europe, the U.S. has no fiscal cliff, China — hard landing, soft landing — settled. Iran, no issues to worry about. That was kind of extreme the other way. You’re putting yourself at more risk. I refer to the market right now as being somewhat accident prone.” Levkovich said he was concerned for companies in the June quarter.
As the time nears for one of India’s largest Gold buying festivals, the Akshaya Tritiya festival, the Indian government’s postal department is preparing for the small investors that will purchase through the postal department. Buying Gold is very popular in India and ultimately symbolizes wealth and prosperity. Traders said high sales were a sign that the yellow metal was gaining acceptance as an ideal investment in the world’s biggest Gold consuming nation.
At 5 p.m. (EDT), the APMEX precious metals spot prices were:
- Gold - $1,643.50 - Down $8.10.
- Silver - $31.65 - Down $0.09.
- Platinum - $1,577.80 - Down $5.90.
- Palladium - $656.50 - Down $6.50.
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