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Market Reports

Morning Gold & Silver Market Report – 7/24/2013


Precious Metals prices are flat this morning, while U.S. stock futures are on the rise. News out of China and other economic data from around the world continue to affect prices as investors look for clues as to what will happen next. Andy McLevey of Interactive Investor said, “Arguably, so long as we have the promise of cheap money on the table, then there’s scope on the upside. But that disappointing Chinese PMI [which fell to an 11-month low] should also be acting as a cautionary note to the market.”

MarketWatch’s Andy Xie forecast a $3,000 per ounce price tag for Gold in the next five years, citing the case that the East will be taking over Gold’s mantle from the West in that time period. He said, “China and India account for roughly two-thirds of global demand for Gold. … The tension between where Gold is priced and where demand is located is manifesting itself in two ways: first, Gold shops in Asia have no physical Gold to meet demand; and second, the price of Gold set in Shanghai is consistently higher than in London or New York. Physical Gold is likely to flow from the West to the East due to the pricing gap. It is only a matter of time before the warehouses of London and New York are emptied. When the stock is all shifted to the East, the price fixed in Shanghai will become the real price.”

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

  • Gold, $1,337.20, Down $0.50.
  • Silver, $20.28, Down $0.06.
  • Platinum, $1,445.50, Up $2.40.
  • Palladium, $738.70, Down $1.80.

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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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