Closing Gold & Silver Market Report – 3/28/2013

Brandi Brundidge

3/28/2013 4:08:00 PM

GOLD SLIDES BELOW SUPPORTED LEVELS

Gold lost its momentum today, dipping just below its support price of $1,600 on the last trading day of the quarter. The safe haven appeal has disappeared for the moment as expected protesting in Cyprus over the reopening of their banks did not occur. “Prices are likely to stay depressed in coming sessions as the situation in Cyprus is expected to slowly get better,” Canaccord Genuity analyst Dmitry Kalachev said. “But the downside may be temporary and although risks of contagion from Cyprus are limited, uncertainty remains around other periphery countries in the eurozone.”

U.S. stocks rose as investors moved into equities in preparation of the first quarter ending.  “A close over 1,565 today on the S&P 500 will surely get the media excited. It will probably get more people to move their S&P targets higher and the talk will be 1,600 is a ‘piece of cake.’ Since when was predicting the market over the short term like a walk in the park?” Stifel Nicolaus & Company’s Market Strategist Elliot Spar said. Stocks have performed well recently with major issues such as the presidential election, fiscal cliff panic and continued eurozone financial troubles all mostly out of the spotlight. 

At 5:05 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,598.10, Down $10.10.
• Silver, $28.40, Down $0.29.
• Platinum, $1,574.40, Down $7.60.
• Palladium, $772.00, Up $4.70.

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