Mid-Day gold & Silver Market Report – 11/13/2013
GOLD MARKETS FLAT AS PHYSICAL BUYING HALTS SELLOFF
The selloff of Gold has been temporarily curbed due to physical demand from central banks on expectations that the Federal Reserve will soon begin tapering its monetary stimulus measures. “The weakness in equities is bringing some people to Gold,” David Meger, director of metal trading at Vision Financial Markets, said. “The price drop has improved physical demand.” Lower prices have pushed volume at the Shanghai Gold Exchange to a one month high as China, the world’s second largest buyer of Gold, takes advantage of lower prices. The next technical level that Gold needs to breach in order for traders and investors to see a bullish trend will be above $1,326 an ounce.
Stocks are down again today as the Dow Jones Industrial Average and S&P 500 are set to realize two straight sessions of losses for the first time this month. Investors are eyeing global market data and central bank policies to gain perspective on the future of U.S. stocks. With most analysts and economists predicting an initial taper of Fed stimulus measures in March, expectations of a sooner-than-expected reduction could cause markets to fall further.
At 1:20 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,274.00, Up $0.80.
- Silver, $20.57, Down $0.26.
- Platinum, $1,431.50, Down $9:10.
- Palladium, $731.60, Down $11.80.
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