Mid-Day Gold & Silver Market Report – 6/12/2013
GOLD UP AS STRONGER EURO IMPACTS THE DOLLAR
Though Precious Metals remain under pressure from the prospect of weakening commitment to quantitative easing (QE) measures, Gold is up midway through Wednesday following two straight sessions of losses. As European equities rise today, U.S. shares are settling lower though recent momentum for both metals and stock markets have been generally reversed. “Thinking about safe havens versus risk-on assets, in the short term Gold might be subdued as money goes into other asset classes,” Mitsubishi analyst Jonathan Butler said. However, ongoing signals for loose monetary policy in efforts to stimulate lagging global economies are expected to have a long-term bullish impact on Gold and other Precious Metals.
The S&P 500 has fallen for the third day in a row as investors dubiously eye the rate of U.S. growth and the future of QE. This uncertainty has instigated market volatility in recent weeks. “We went from QE, relied upon and predictable, to mixed messages in most of the capital markets of the world,” David Kotok, chief investment officer at Cumberland Advisors, Inc., said. Investors will await news from the Federal Reserve regarding monetary stimulus to see whether this year’s bull market can be sustained.
At 1:30 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,393.90, Up $14.90.
- Silver, $21.94, Up $0.17.
- Platinum, $1,482.50, Up $1.10.
- Palladium, $758.00, Up $5.50.
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