Mid-Day Gold & Silver Market Report – 3/27/2013

Nicholas Wilsey

3/27/2013 12:03:00 PM

GOLD MOVES UP ON UNCERTAINTY

As we have reached the midway point of the week, the Gold price has hopped back over the $1,600 level. Monday saw a slight price dip due to the last minute bailout agreement in Cyprus. However, as details of said agreement came to light, investors’ uncertainty returned. Once again, the mix of positive and negative economic outlooks has given Gold almost no direction. “There's little to say on Gold over the last few days; the temporary solution with Cyprus has relieved the markets,” BNP Paribas Precious Metals Strategist Anne-Laure Tremblay said. “The lack of interest for Gold can also be seen through the small level of volatility, which if you look at the realized volatility, it's really quite low.”

While there have been some positive signs for the U.S. economy, the public has little hope in recovery, according to a recent survey that showed consumer expectations have drop considerably more than anticipated by economists. The main reason is the government’s inability to achieve any progress on the major budget issues such as the automatic cuts that took effect earlier in the year. “The recent sequester has created uncertainty regarding the economic outlook and, as a result, consumers are less confident,” Lynn Franco, director of economic indicators at The Conference Board, said in a statement. 

At 1:00 pm (EDT), the APMEX precious metals spot prices were:

• Gold, $1607.70, Up $9.50.
• Silver, $28.64, Down $0.12.
• Platinum, $1581.30, Up $13.30.
• Palladium, $766.80, Up $6.40.

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