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Closing Gold & Silver Market Report – 5/20/2013

MOMENTUM SUPPORTS GOLD, SILVER

Gold & Silver experienced a dip this morning, but quickly recovered as technical trading gained positive momentum.   “As the market started to come up, it was hitting [short-seller] stops and then that old huge level of support [for Silver], that low [traders] would put all their buy stops there. Once [prices] hit that, that's when it did that parabolic move up,” RJO Futures senior commodities broker Phil Streible said. “All those shorts that got in this morning, they're all covering, and all the longs that got blown out get back in on the long side.”  The market is concerned that continued optimistic U.S. economic data will force the Federal Reserve to retreat from inflationary policies. 

Dallas Federal Reserve President Richard Fisher spoke with CNBC today and shared his thoughts on how policies implemented in the U.S. have expanded the economy.  Fisher believes that the Fed has succeeded at assisting the stock market to soar to levels never seen in history, while not being as effective with growing the economy.  Fisher said, “We've made rich people richer.  This is great for the (Warren) Buffetts and for others who can take advantage of this multiple of great money and cheap money that's been available,” he added. “The question is, what have we done for the working men and women of America?”

At 5:04 p.m. (EDT), the APMEX Precious Metals spot prices were:

  • Gold, $1393.70, Up $26.00.
  • Silver, $22.94, Up $0.48.
  • Platinum, $1492.20, Up $22.70.
  • Palladium, $750.90, Up $8.60.

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Disclaimer:
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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