Mid-Day Gold & Silver Market Report – 5/30/2013
HOUSING RECOVERS, METALS STILL SHINE
Precious Metals prices have continued to rise in morning trading after the release of economic data. U.S. stocks are rebounding as well, after pending home sales showed an increase of 0.3 percent. This was good news, as earlier this week, stocks experienced their largest hit in four weeks. Some analysts are predicting that housing has officially recovered from the 2009 financial crisis. However, this is the only positive economic report of the day, as both jobless claims and first-quarter gross domestic product showed worse-than-expected numbers.
Regardless of the housing numbers, Phil Streible of R.J. O’Brien & Associates said, “Today’s data is an indication that the economy has not fully recovered, and so the Fed will not end its stimulus in a hurry.” Analysts are predicting that Gold will hold its advantage over the key $1,400 per ounce level, perhaps setting a new bottom for the yellow metal.
At 1:30 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,414.50, Up $20.60.
- Silver, $22.80, Up $0.26.
- Platinum, $1,484.00, Up $29.20.
- Palladium, $759.40, Up $9.30.
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