Closing Gold & Silver Market Report – 7/9/2013
STOCKS STILL RIDING HIGH, GOLD UP FOR SECOND DAY
U.S. stocks climbed on Tuesday, specifically the S&P 500. The S&P was within one percent of closing at it’s all time high as Wall Street seemed to be embracing a stronger economy, including higher interest rates. JJ Kinahan, chief strategist with TD Ameritrade said, “The market is voting itself that things are improving, with interest rates going higher without taking the stock market down.” He continued on to say that we need to test at least the 1,650 level or higher with the S&P, a level breached three weeks ago. Other indexes are up today, the Dow is up for the fourth session in a row.
The Gold price extended its positive numbers into a second day rising the most in sevens sessions after breaking through a key technical level. China’s inflation data boosted the Precious Metal’s appeal as a hedge against inflation for the world’s second largest consumer of Gold. Analysts have said that rising Chinese inflation should hamper significant easing responses as we continue to see this enhanced demand for Chinese Gold.
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,251.60, Up $14.20.
- Silver, $19.31, Up $0.19.
- Platinum, $1,368.50, Up $6.50.
- Palladium, $697.70, Up $2.30.
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