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Mid-Day Gold & Silver Market Report – 10/25/2013

GOLD RALLIES BACK TO EVEN ON WEAK CONSUMER SENTIMENT

The Gold price has risen back to even levels following early losses as weak consumer sentiment data increased the appeal of Precious Metals, setting Gold up to realize a week of gains. “Bad news is a good news for gold,” Naeem Aslam, chief market analyst at AvaTrade, said. “Core durable good and consumer sentiment have further firmed the optimism” for continued quantitative easing. “We have to keep in mind that we still need to factor in the cost of a government shutdown for November’s data, which does not seem good either,” he said. Technical traders of Gold are now looking for the yellow metal to break through the next resistance level of $1,380 before it can break out of its current range and signal the potential start of a bullish move in the short to medium term.

Another day of modest gains for U.S. stocks has pushed the S&P 500 to within one point of its all-time intraday record. Investors and analysts continue to scrutinize economic data to determine the future of the Federal Reserve’s quantitative easing program. “Earnings have been good enough and the liquidity spigot is open so that people see very little risk in the system,” Charlie Smith, chief investment officer of Fort Pitt Capital Group Inc., said. “It’s like a giant game of musical chairs. The attitude on the part of most investors is that they have to play while the Fed got the music going.”

At 2:33 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,353.10, Up $0.80.
  • Silver, $22.60, Down $0.27.
  • Platinum, $1,455.50, Down $1.70.
  • Palladium, $744.30, Down $4.50.

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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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