Closing Gold & Silver Market Report – 4/2/2013

Nicholas Wilsey

4/2/2013 5:03:00 PM

GOLD PRICES SLIP 1.5 PERCENT

Today has seen the largest one day drop in the value of Gold in more than a month. Silver also saw a sharp drop of more than two percent, which is an eight month low. As equities in the United States marketplace reach for all-time highs, Precious Metals struggle for support. “There is an overwhelming sentiment that growth will remain slow and not inflationary, and that has eliminated some of the momentum investors in Gold,” said Jeffrey Sica, chief investment officer of SICA Wealth Management. Economists now look towards Friday’s U.S. labor report for possible directional indicators.

While the United States employment report comes out on Friday, the eurozone report was released today, and the numbers are stunning. Unemployment in the region is higher than it’s ever been, and the numbers keep climbing. More than nineteen million people are out of work as of February. That is almost two million more unemployed citizens than this time last year. “Such unacceptably high levels of unemployment are a tragedy for Europe and a signal of how serious a crisis some eurozone countries are now in,” said EU Employment Commissioner Laszlo Andor.

At 5:00 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1576.90, Down $25.00.
• Silver, $27.30, Down $0.73.
• Platinum, $1573.70, Down $23.60.
• Palladium, $765.50, Down $17.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.