Mid-Day Gold & Silver Market Report – 5/21/2013
DOLLAR PUSHES GOLD DOWN; GERMANY SET FOR Q2 RECOVERY
Precious Metals fell this morning as the dollar strengthened before the Federal Open Market Committee meeting, where interest rates and possible further quantitative easing will be discussed. “Gold is focused on movement of [the] U.S. dollar, fundamentally, and the [U.S. Federal Reserve],” Global Hunter Securities managing director Jeffrey Wright said. “The Fed’s timetable on [quantitative easing] is influencing the U.S. dollar.” Federal Reserve Chairman Ben Bernanke will appear before the Joint Economic Committee Wednesday to provide a highly anticipated forecast for the U.S. economy.
Germany is headed toward a healthy economic recovery for the second quarter, according to today’s report from the Bundesbank, Germany’s central bank. “The noticeable increase in industrial orders after a weak start to the year gives hope that with exports and equipment investments, demand factors - on whose stimulus the German economy can generally rely the most - will recover,” the report said. However, the Bundesbank also expressed concern with economic risks as Germany is the eurozone’s largest economy and will likely be affected by surrounding debt ridden nations.
At 1:09 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,379.60, Down $7.60.
- Silver, $22.52, Down $0.17.
- Platinum, $1,460.90, Down $25.20.
- Palladium, $750.30, Down $2.50.
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