Mid-Day Gold & Silver Market Report – 11/1/2013
U.S. DOLLAR RALLIES, PRESSURES METALS
Precious Metals are relatively flat through mid-day trading. Speculation that the European Central Bank may lower the region’s interest rates due to low inflation, along with a rallying U.S. dollar, has investors looking for direction. When asked his thoughts on the dollar’s performance, Atyant Capital Global Opportunities Fund lead portfolio manager Vedant Mimani said it “has been quite strong in recent sessions, and that has created some pressure on Gold. … As the economy shows signs of improvement, investors reason it may make more sense to deploy capital in growth (stocks) rather than insurance/asset protection (Gold).”
U.S. stocks continue to slide, with the S&P 500 extending losses for the third consecutive day. Paul Nolte, managing director at Dearborn Partners in Chicago, said, “I think the markets are in a correction phase after a nice run from mid-September to late October.” This could potentially boost Gold’s safe-haven appeal for investors looking to diversify their portfolio.
At 3:04 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.00, Down $11.70.
- Silver, $21.85, Down $0.07.
- Platinum, $1,454.20, Up $4.80.
- Palladium, $741.00, Up $3.20.
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