Closing Gold & Silver Market Report – 7/3/2013
GLOBAL CRISES BOOST APPEAL OF GOLD
Gold and Silver are realizing slight gains today as the safe haven appeal of Precious Metals temporarily resumed following political turmoil in Portugal and Egypt. “Rising tensions in Egypt and re-emergence of the European crisis, along with the mixed data today” combined to underpin gold prices Wednesday, according to a Precious Metals dealer chief market analyst. As hastening violence erupts in Egypt, austerity difficulties in Portugal have re-focused the spotlight on the eurozone as Portuguese debt and frantic stock selloffs highlight troubles in the region. Domestic investors will await Friday’s nonfarm payroll data to see if the reports can incite movement in Precious Metals markets that are currently in a tug-of-war with bargain hunting physical buyers and ETF sellers.
Though U.S. stocks were able to overlook international issues and end the trading session higher ahead of the holiday, some analysts remain leery of a market that has surged to record levels despite pessimistic technical indicators and daunting concerns regarding the future of quantitative easing (QE). “We're still in this rough period. We have a 10 percent to 20 percent correction ahead of us later this quarter, early next quarter. For two months now I've been a seller of anything above Dow 15,000 and I'll stay that way,” Paul Schatz of Heritage Capital told CNBC. As the bull trend continues for U.S. equities, the tapering of QE could negatively impact stocks that have benefited so greatly from the monthly injections of liquidity.
At 5 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,256.60, Up $2.70.
- Silver, $19.85, Up $0.07.
- Platinum, $1,345.90, Down $0.90.
- Palladium, $685.00, Down $0.70.
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