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Market Reports

Morning Gold & Silver Market Report – 5/28/2013


U.S. stock futures are on the rise as the Gold price is down in morning trading. After equities fell late last week as it became apparent the U.S. Federal Reserve would not end quantitative easing earlier than expected, Stephen Pope of Spotlight Ideas said, “We cannot rule out aggressive buying after last week’s dip because the general tenor of the U.S. economy is steady and the start to adjust the books before May month-end begins.”

A rising U.S. dollar is also adding pressure to Gold’s price. Though physical demand for Gold is still very strong, it continues to be overshadowed by exchange-traded funds, which are recording record outflows. A key resistance level for Gold is $1,400 per ounce. Saxo Bank senior manager Ole Hansen said, “We made several attempts at the $1,400 level but, especially the last three, have failed every time. The tug of war continues as the physical market is happy picking up Gold at these levels, but the paper market isn't — they are seeing bond yields up and inflation staying subdued. They're potentially worried that the [U.S.] dollar could have a bit of a renaissance.”

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

  • Gold, $1,383.00, Down $6.50.
  • Silver, $22.38, Down $0.24.
  • Platinum, $1,452.50, Down $0.90.
  • Palladium, $735.50, Up $7.00.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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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