Morning Gold & Silver Market Report – 3/04/2013

GOLD REACTS TO POOR EUROPEAN TRADING, U.S. SPENDING CUT REALITY

All three major indexes are poised to start lower this morning. Mainland Chinese stocks tumbled after Beijing announced new property buying restrictions. Those restrictions included higher down payments and mortgage rates on second homes in cities that have seen increases in property prices. There has also been an imposed 20 percent capital gains tax on sales of existing homes. In the U.S., automatic spending cuts begin on Friday as politicians remain inflexible. Kit Juckes, head of foreign exchange at Société Générale, said something that others may be feeling, “I can’t get away from the sense that U.S. political protagonists quite like the idea of some fiscal tightening that they can blame on ‘the other guys.’”

The Gold price recovered in overnight trading and is set to start Monday moving up. Uncertainty in Europe over the political deadlock in Italy following that country’s inconclusive election caused the euro to hit session lows. The correlation between Gold and European stock markets turned negative last month. The dropping prices present a buying opportunity for investors both here and around the world. Physical buying in Asia has picked up, especially in China, due to the recent weakness in prices.

At 9:02 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,579.00, Up $4.70.
  • Silver, $28.65, Up $0.14.
  • Platinum, $1,581.50, Up $6.00.
  • Palladium, $724.80, Up $5.40.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 2:55:40 AM EST

Metal Bid Ask Change
Gold $1,286.10 $1,288.10 $1.50
Silver $19.37 $19.47 ($0.02)
Platinum $1,393.10 $1,403.10 ($0.80)
Palladium $781.10 $786.10 ($0.90)
4/24/2014 2:55:40 AM EST

Click here for Historical Charts*All Charts are in USD


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