Morning Gold & Silver Market Report – 04/01/2013
Geoffrey Varner
4/1/2013 8:46:00 AM
MARKETS UP AHEAD OF KEY DATA
Investors will be watching to see how this morning’s manufacturing and other data will affect the two major U.S. stock indexes, which have been pushing record highs nearly every day. ISM manufacturing survey data from March is due out today and is expected to show a fourth consecutive month of improvement. The weeks’ worth of data ends on Friday with the U.S. jobs report from March. Adam Sarhan, chief executive of Sarhan Capital, said, “It is very important for us to not only look at the actual data, but see how the market reacts to the data.”
The Gold price has stabilized in the $1,600 range as signs that China’s economic recovery is gaining momentum. Chinese economic stability could increase demand for commodities, however; prices could be capped by the debt crisis that is still ongoing in Cyprus. Korean tension has yet to tip off any buying of Gold, but a full-scale conflict would almost certainly boost Gold’s safe haven appeal. Brian Lan, managing director of GoldSilver Central Pte Ltd., said, “We are in an uncertain market. Normally a strong PMI data from China would tend to draw investors towards stocks and not support Gold prices, but this time we see a reverse. The North Korea tension is adding to the market uncertainty. We see physical buying by the retail investors during price dips and this helped to support prices, which should go up above $1,600. If everything goes well, it seems like Gold could move on to a higher trading range. Gold should test $1,620.”
At 9:30 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,598.70, Up $2.00.
- Silver, $28.02, Down $0.38.
- Platinum, $1,580.50, Up $7.40.
- Palladium, $771.40, Up $4.20.
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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
