Mid-Day Gold & Silver Market Report – 6/25/2013
U.S. STOCKS UP, GOLD DOWN ON POSITIVE DATA
Stocks retreated yesterday but are recovering some of the lost ground today as investors are embracing economic reports showing stabilization in manufacturing and a rise in home prices. Art Hogan, market strategist at Lazard Capital Markets LLC., said, “For the first time in this current cycle we’ve looked at good economic data as good news. If we continue to get the market reacting positively to good economic data, we’ve gotten to the place we should be.” Some of that positive data includes the Commerce Department’s news showing durable-good orders rising 3.6 percent in May and the consumer confidence index rose from 74.3 up to 81.4 in April. This constitutes the biggest jump in seven years.
Although this positive data is good for stocks, it is pushing Gold prices lower. Positive housing data and the consumer confidence rating has lifted the U.S. dollar. The Gold price and the U.S. dollar typically have a strong inverse correlation. Sharps Pixley chief executive Ross Norman said, “Gold seems to have lost some of its bounce. You're not seeing it push back much after selling. When we do get good news, the moves are tentative.”
At 2:42 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,276.80, Down $2.30.
- Silver, $19.66, Up $0.05.
- Platinum, $1,352.30, Up $21.20.
- Palladium, $666.00, Up $8.40.
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