Mid-Day Gold & Silver Market Report – 6/27/2013
GOLD TAKES BREATHER WHILE STOCKS CONTINUE RALLY
Precious Metals prices are relatively flat today following Wednesday’s price descent as the U.S. dollar prolongs its rally. Yesterday’s 4 percent drop in Gold price pulled the metal down to its lowest point since August 2010. As real interest rates continue to rise, the short-term downward pressure on Gold and Silver persists. Concerning Wednesday’s price dip, one analyst noted the source as “weak-handed long liquidation and technical short-selling in the futures markets due to several factors, including ideas the U.S. economy is getting strong enough that the Federal Reserve will begin to scale back its monetary stimulus program.”
As market sentiment seems to have shifted following the persistence of encouraging news regarding the state of the U.S. economy, equities markets are higher again today, extending the S&P 500’s strongest three day winning streak since January. Fears that the Federal Reserve was poised to begin tapering its monetary stimulus measures caused panic selling in stocks last week. This week, the Dow Jones Industrial Average and S&P are regaining lost ground as Fed officials have come forward to ensure investors that a reduction in the scale of quantitative easing will not begin until late 2013 if at all.
At 1:05 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1227.40, Down $4.30.
- Silver, $18.91, Up $0.20.
- Platinum, $1327.90, Up $22.20.
- Palladium, $652.60, Up $19.40.
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