Morning Gold & Silver Market Report – 3/26/2013

Ryan Schwimmer

3/26/2013 8:15:00 AM

GOLD PICKED AS BEST INVESTMENT IN CNBC SURVEY

The latest CNBC All-America Economic Survey showed that Gold is still in favor with most investors. The survey showed that Americans’ confidence in investments is rising overall, but not exclusively in stocks. When asked about the best investment, 35 percent of respondents picked Gold, as opposed to 21 percent who picked stocks. Gold was also voted the best investment in the previous survey. Though confidence in stocks seems to be rising, 60 percent of respondents are still pessimistic about the current state of the U.S. economy and the long term outlook.

Precious Metals are trading lower this morning, with Gold trying to stay afloat of the $1,600 level. The Gold price has mostly tracked the movements of the euro over the past several months, which has now taken heavy losses after the Cyprus bailout deal. The concern is that future bailouts in the eurozone would come with steep penalties, similar to those agreed upon by Cyprus and the European Union. As part of the recent deal, bank deposits in the country could be facing a tax of approximately 30 percent.

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

• Gold, $1,599.80, Down $7.20.
• Silver, $28.88, Down $0.02.
• Platinum, $1,572.50, Down $12.40.
• Palladium, $759.40, Up $3.00.