Closing Gold & Silver Market Report – 3/27/2013
Ted Prince
3/27/2013 3:59:00 PM
GOLD UP; PLATINUM, PALLADIUM LOOK TO RALLY
After four straight sessions of losses, Gold is up today as the safe haven appeal of Precious Metals is currently resonating with investors. “Gold looked attractive today as a safe-haven asset in reaction to the decline in equity markets and in anticipation of Cypriot banks reopening on Thursday,” Global Hunter Securities’ Managing Director Jeffrey Wright said. As Gold remains relatively range bound, the increasing strength of the U.S. economy has caused many analysts to predict a rising demand for industrial metals, which could be good for Platinum and Palladium.
Stocks have expunged earlier losses today as the S&P 500 has pulled back within 2 points of its all time high. Morning concern over the European debt crisis and its current focal point, Cyprus, has eased as many experts are predicting further upward movement. “When you have typically light days, the market can get pushed around a little bit more on nothing,” NorthCoast Asset Management LLC’s Head Trader Frank Ingarra said. So far, Cyprus has been instrumental in mild market shifts for both equities and Precious Metals. Many investors await Thursday’s re-opening of Cypriot banks to see what allocation strategy to take in the coming days and weeks.
At 5:00 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1606.90, Up $8.70.
- Silver, $28.71, Down $0.05.
- Platinum, $1584.60, Up $16.60.
- Palladium, $766.80, Up $6.40.
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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
