Morning Gold & Silver Market Report – 7/23/2013
ANALYSTS KEEP EYES ON FED FOR CLUES ON GOLD’S FUTURE
Precious Metals prices are dropping in early morning trading. Monday’s gain was the largest for the Gold price since June 2012, and many analysts believe the fall today is simply short covering and profit taking. For clues on the future of Gold’s price, EverBank’s Mike Meyer wrote, “The next couple of Fed meetings should have a significant impact as to the near-term direction of metals, as any hints of procrastinating plans to taper should act as a springboard, but anything to the contrary would tend to keep it suppressed.”
One of the key factors in Monday’s rally for the Gold Price was the value of the U.S. dollar. The dollar index is flat this morning, hovering around a one-month low. Jane Foley of Rabobank said, “The message has sunk in over the last couple of weeks that the Fed is still on a very accommodative monetary policy path. Yesterday we had some weaker U.S. housing data that reinforced that message.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,332.80, Down $6.20.
- Silver, $20.24, Down $0.36.
- Platinum, $1,426.50, Down $21.50.
- Palladium, $734.50, Down $16.90.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.