Mid-Day Gold & Silver Market Report – 6/7/2013
GOLD DOWN DESPITE BULLISH OUTLOOK BY EXPERTS
After two straight weeks of gains, Gold is set to end the week down as encouraging employment data reassured equities investors and drove the Gold price down headed in to the weekend. The information advanced enthusiasm with market analysts who seek a diminishing presence of monetary stimulus measures. Former Federal Reserve Chairman Alan Greenspan commented Friday that the central bank should “get moving” on beginning the process of tapering federal bond purchases. As Gold has moderately rebounded over the last couple of weeks, the perceived discount prices that Precious Metals are trading at since mid-April’s substantial correction are continuing to fuel buying among bargain hunting Gold bugs.
Though today has seen stock indexes rebound slightly following a multi-session retreat from five-year highs, many Gold traders are regaining a level of bullishness for the prospects of the metal. Nineteen analysts were surveyed by Bloomberg showing the largest proportion of bullish sentiment for Gold since mid-March. “The concern is that we see stock markets come under pressure and then see an increase in risk aversion,” said Mark O’Byrne, executive director of Dublin-based GoldCore Ltd., a brokerage that sells and stores bullion coins and bars. “Gold’s already had a correction, so people see value in the Gold market.”
At 1:31 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,384.60, Down $33.20.
- Silver, $22.28, Down $0.98.
- Platinum, $1,505.20, Down $25.60.
- Palladium, $759.00, Down $3.30.