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Morning Gold & Silver Market Report – 3/04/2013


All three major indexes are poised to start lower this morning. Mainland Chinese stocks tumbled after Beijing announced new property buying restrictions. Those restrictions included higher down payments and mortgage rates on second homes in cities that have seen increases in property prices. There has also been an imposed 20 percent capital gains tax on sales of existing homes. In the U.S., automatic spending cuts begin on Friday as politicians remain inflexible. Kit Juckes, head of foreign exchange at Société Générale, said something that others may be feeling, “I can’t get away from the sense that U.S. political protagonists quite like the idea of some fiscal tightening that they can blame on ‘the other guys.’”

The Gold price recovered in overnight trading and is set to start Monday moving up. Uncertainty in Europe over the political deadlock in Italy following that country’s inconclusive election caused the euro to hit session lows. The correlation between Gold and European stock markets turned negative last month. The dropping prices present a buying opportunity for investors both here and around the world. Physical buying in Asia has picked up, especially in China, due to the recent weakness in prices.

At 9:02 a.m. (EST), the APMEX Precious Metals spot prices were:

  • Gold, $1,579.00, Up $4.70.
  • Silver, $28.65, Up $0.14.
  • Platinum, $1,581.50, Up $6.00.
  • Palladium, $724.80, Up $5.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EST)! Or call us Fridays until 6 p.m. (EST)! 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.

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Our spot prices are subject to change during the following hours, excluding holidays. View current spot prices for Gold, Silver, Platinum and Palladium on our Spot Price Charts page.

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.


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