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

GOLD ETFS QUESTIONED

As the shortened week began, Gold prices moved downward. After reaching toward the $1,400 per ounce mark, the yellow metal backed off slightly. The same market news that pressured Gold last week is doing the same this week. “Good U.S. data continues to weigh on Gold,” Thomas Capalbo, a broker at Newedge Group in New York, said in a telephone interview. “Also, the withdrawals from [exchange traded funds] ETFs show that the momentum buyers remain bearish.” 

With this giant sell off of Gold ETFs, many investors are questioning how this is possible. The issue is that the number of metric tons of Gold traded this year does not add up with how much is available. Sprott Asset Management chief executive officer and chief investment officer Eric Sprott has a controversial theory, claiming “The only U.S. seller that would be capable of supplying such an astonishing amount of Gold is the U.S. government, with a reported Gold holding of 8,300 tonnes.” Sprott Asset Management associate John Embry added, “What I believe is going to happen, probably in the not too distant future, is that the pricing mechanism of the Gold and Silver markets will swing to the physical market, which cannot be manipulated, because, basically, either you’ve got it or you haven’t.” While this is simply a theory, the numbers are intriguing.       

At 5:03 pm (EDT), the APMEX precious metals spot prices were:

  • Gold, $1382.20, Down $7.30.
  • Silver, $22.33, Down $0.26.
  • Platinum, $1462.40, Up $9.00.
  • Palladium, $757.00, Up $28.50.

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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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