Morning Gold & Silver Market Report – 5/20/2013

SILVER FOLLOWS GOLD’S MOVEMENT

To start the week, Silver has hit a two and a half year low, following Gold’s downward trend. While there has been a massive sell-off of exchange traded funds (ETFs) in Gold, it had not had a major effect on Silver until now. The move happened early in the Asian market with a large unidentified investor selling off a large volume of Silver. “The drastic move lower happened pretty much after the Chicago Mercantile Exchange's electronic platform Globex opening,” MKS head of trading Afshin Nabavi said.

This week looms very large in the United States, as Chicago’s Federal Reserve President Charles Evans is scheduled to speak today in front of Congress on the outlook of the economy. “This series of events certainly has the potential to overshadow what is likely to be a relatively quiet start to the week for fundamental macroeconomic indicators out of the US, but the big question is precisely when we’ll see the market react to the imminent tighter monetary conditions,” GFT Markets market strategist Fawad Razaqzada said. Many believe the Fed may announce the slowdown of their easing program which could drastically change the global economic landscape.

At 9:00 am (EDT), the APMEX precious metals spot prices were:

  • Gold, $1356.60, Down $11.30
  • Silver, $21.68, Down $0.79.
  • Platinum, $1451.30, Down $18.20.
  • Palladium, $741.90, Down $0.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.

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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
4/23/2014 6:12:28 PM EST

Metal Bid Ask Change
Gold $1,284.30 $1,286.30 ($0.30)
Silver $19.41 $19.51 $0.02
Platinum $1,396.30 $1,406.30 $2.40
Palladium $782.60 $787.60 $3.00
4/23/2014 6:12:28 PM EST

Click here for Historical Charts*All Charts are in USD


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