Mid-Day Gold & Silver Market Report – 6/13/2013
STRONG ECONOMIC FIGURES WEIGH ON METALS
Better than expected employment data as well as strong retail sales reports from May have put further downward pressure on Gold today. “The bottom line: while not very strong, consumer spending continues to show resilience, consistent with the labor-market data — including jobless claims this morning,” Jim O’Sullivan, chief U.S. economist at High Frequency Economics, said. Though the U.S. dollar is down today, the traditional inverse relationship of Gold and U.S. currency appears to be lacking enough weight to prop up Precious Metals during Thursday’s session. The anticipation that Federal Reserve Chairman Ben Bernanke will soon propose a tapering program to reduce the scale of ultra-loose monetary stimulus is causing anxiety among short term investors.
The reports that are weighing so heavily on Precious Metals today are helping boost equities. The fastest rate of retail growth in three months along with strong jobs numbers are continuing to influence positive reactions among investors who are seeking riskier assets. As we enter the summer months, metals remain relatively range-bound as stock markets prepare for what are historically low trading volumes. “The only issue for the market is we’re in a vacuum month. In other words, there are no earnings, there is nothing to latch onto other than an occasional number here and there and people are worried about the Fed tapering,” Chris Bertelsen, chief investment officer at Global Financial Private Capital, said.
At 1:11 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1380.30, Down $13.70.
- Silver, $21.68, Down $0.24.
- Platinum, $1449.30, Down $34.50.
- Palladium, $731.00, Down $26.10.
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