Mid-Day Gold & Silver Market Report – 3/11/2013
Ted Prince
3/11/2013 12:19:00 PM
GOLD, STOCKS BOTH FLAT AMID LACK OF DRIVING FACTORS
Precious Metals prices are little changed today as analysts see no reason to expect any significant fluctuations this week. As the U.S. dollar continues to linger at its highest level in seven months, many Gold investors have been temporarily sidelined. However, other experts see last week’s minor lift in as a positive sign for the metal. “Last Friday’s performance in the Gold market was impressive from the bulls’ point of view,” said one analyst. “This hints that the Gold market bears may now be exhausted on a near-term basis.”
Equities indexes are mirroring Precious Metals markets as U.S. stocks remain relatively unchanged today. Profit taking, along with reports showing the weakest level of Chinese manufacturing expansion since 2009, weighed on markets. “There’d be no surprise if people are just trying to digest and take a little bit of profit here,” said Christopher McHugh, who helps manage about $10 billion at Turner Investment Partners. “Earnings will come in focus over the next few weeks again as we come through the end of the quarter.” As equities take a breather following a week in which the Dow Jones Industrial Average reached its highest level of all time, investors await forthcoming economic news to see if the recent stock rally can be sustained. Recently, the Federal Reserve policy of quantitative easing (QE) has been a major driver of stocks. QE has also been historically bullish for Gold and many investors see this as an excellent buying opportunity.
At 12:01 pm (EST), the APMEX precious metals spot prices were:
- Gold, $1580.20, Up $1.30.
- Silver, $28.87, Down $0.13.
- Platinum, $1603.00, Down $2.90.
- Palladium, $778.40, Down $3.40.
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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
