Mid-Day Gold & Silver Market Report – 6/28/2013

GOLD REBOUNDS AFTER WAVE OF SHORT COVERING

The Gold price experienced a turbulent morning of trading Friday as the initial price drop of roughly $20 an ounce evaporated following a barrage of short covering. “There are some people covering shorts and some people taking losses as part of quarterly book-squaring to position for the next quarter,” Bill O'Neill, partner of commodities investment firm LOGIC Advisors, said.  As Gold experiences modest gains headed into the weekend, Silver is up more than 4 percent today. Gold is set to realize its largest quarterly dip since 1968, which continues to cause panic among electronically traded Gold investors, but has provided ongoing demand for bargain hunting physical Precious Metals buyers.

Though major U.S. equities indices are down slightly Friday, stocks are still headed for their first weekly gain in three weeks. “I think the initial panic following [Fed Chairman] Ben Bernanke’s comments last week has finally subsided,” Craig Erlam, market analyst at Alpari U.K., said. “Investor sentiment is still very much linked to the perceived longevity of the Fed’s asset purchases though, as seen by the reaction to the GDP figure on Wednesday when the downward revision prompted a rally in the equity markets.” Both metals and equities investors will continue to await word from the Federal Reserve relating to the perpetuation or reduction of current large scale asset purchases.

At 12 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,226.50, Up $12.90.
  • Silver, $19.54, Up $0.89.
  • Platinum, $1,339.60, Up $12.40.
  • Palladium, $661.60, Down $10.90.

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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/24/2014 3:10:20 AM EST

Metal Bid Ask Change
Gold $1,286.30 $1,288.30 $1.70
Silver $19.37 $19.47 ($0.02)
Platinum $1,392.70 $1,402.70 ($1.20)
Palladium $781.00 $786.00 ($1.10)
4/24/2014 3:10:20 AM EST

Click here for Historical Charts*All Charts are in USD


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