Mid-Day Gold & Silver Market Report – 3/28/2013

Ryan Schwimmer

3/28/2013 12:58:00 PM

GOLD DOWN ON PEACEFUL CYPRIOT BANK OPEN

Gold is settling back below $1,600 as the anxiety surrounding Cypriot banks has been eased following today’s very civil bank reopening. “Gold market was anticipating safe haven demand once Cypriot banks opened, and apparently it has been fairly calm per reports,” Global Hunter Securities’ Managing Director Jeffrey Wright said. Gold continues to hover around $1,600 while many investors wonder what the next catalyst will be to propel Precious Metals prices either up or down.

The Standard & Poor’s 500 has reached its all-time high, passing its previous October 11, 2007 high, during today’s low volume session going into the holiday weekend. Much of the index’s recent momentum, and that of the Dow Jones Industrial Average, has been propelled by the Fed’s quantitative easing program as well as by corporations buying their own stock to boost the price and reward shareholders. “This is very artificial, I must say. Give me a trillion dollars and I'll show you a good time, too,” Jim Rogers, head of Rogers Holding, said. “I'm somewhat skeptical because I know it's going to end badly.” Sam Stovall, S&P’s chief equity strategist, said, “From a technical perspective, everyone wants to know the implications of the S&P 500 finally setting a new closing high. That day will mean little to us. It's the action in the period that follows that we think matters the most.”

At 1:00 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,596.40, Down $11.80.
• Silver, $28.34, Down $0.36.
• Platinum, $1,571.40, Down $10.60.
• Palladium, $766.40, Down $0.90.

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