Closing Gold & Silver Market Report – 7/15/2013
RESEARCH SUPPORTS GOLD; SLOWING CHINESE GDP ALARMS GERMANY
Gold is on the rise today on the release of several supportive research notes. The market became bearish on Gold as it dropped an estimated 13 percent between trading sessions, but investors are bullish once again as the support level is increasing. "The strength in China and India Gold premiums, the recent move higher in Gold lease rates and central bank Gold buying indicate physical demand for Gold may provide some support in the near term," Deutsche Bank wrote in a note today.
Another positive for Gold came from China’s sluggish economic data, which reflected a drop in their gross domestic product during the second quarter. The weakness out of China may have investors on the verge of suggesting monetary easing is in the near future for the nation. As China’s growth figures dwindle, German concerns grow due to the fact that roughly 6 percent of German exports are shipped to China. "The German economy is not as strong as people think. It has a big trade surplus, but that is not the same thing as a growing economy," Strategy Economics founder Matthew Lynn told CNBC. "Exports are slowing, domestic demand is weak, the banks are exposed to peripheral Europe, the population is declining and the government has too much debt to take up the slack."
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,284.70, Up $4.10.
- Silver, $19.98, Up $0.10.
- Platinum, $1,422.70, Up $15.80.
- Palladium, $732.70, Up $8.80.
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