Mid-Day Gold & Silver Market Report – 4/4/2013

Ted Prince

4/4/2013 12:03:00 PM

JAPANESE EASING PROGRAM INFLUENCES GOLD, STOCKS

The Gold price has fallen once again, heading for its third straight session of losses. One analyst said Thursday, “A stronger U.S. dollar index Thursday morning and more technical selling are keeping Gold market bulls on the ropes. The Gold market continues to feel the pressure from the exodus of investors from exchange-traded funds.”  The U.S. dollar experienced a lift versus the Japanese yen following the Bank of Japan’s announcement that it would pump $1.4 trillion into asset purchases over the next two years, which is perhaps the most aggressive central bank easing policy to date. 

The news of monetary easing measures in Japan has been offset as patchy investor sentiment regarding today’s domestic and global economic reports have caused choppy morning trading. “I still think Japan's still the key story,” UBS Financial Services’ Director of Floor Operations Art Cashin said. “We're going to have to find out in a couple weeks whether that begins to move money through the Japanese economic system.” Liberal easing programs by central banks have traditionally been supportive of Gold.  Many will wait to see what Japan’s stimulus program holds for world stock and Precious Metals markets. 

At 12:02 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,549.40, Down $5.60.
• Silver, $26.83, Down $0.07.
• Platinum, $1,519.40, Down $21.00.
• Palladium, $724.00, Down $30.40

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