Closing Gold & Silver Market Report – 4/8/2013
Ryan Schwimmer
4/8/2013 4:01:00 PM
REPORT: PLATINUM, PALLADIUM TO RISE 22% BY 2014
Gold and Silver have remained relatively flat in afternoon trading, as stocks hit highs on the day. Ross Strachan, commodities economist at Capital Economics, believes that “falling production due to cost-related closures and potential labor unrest means that the prices of Platinum and Palladium could still rise by around a fifth by the end of 2014.” Strachan also believes that an agreement could emerge that would act as “an unofficial trade association, akin to the World Gold Council” for Platinum group metals.
Jim Rickards of Tangent Capital Partners LLC said recently, “We are seeing a distinct movement back to a world where Gold is considered money.” This followed news out of Utah, Arizona, South Carolina and Kansas where bills are advancing to authorize Gold and Silver bullion as currency in their states. It’s a trend which, along with Texas’ consideration of establishing an official state depository, seems to be growing rapidly. Arizona State Senator Chester Crandell said, “I think you look at some of the things that are happening and the amount of money printed by the Federal Reserve and who has control of that money, and I think anybody would be concerned. Gold and Silver have been around a long time and people are secure with it and we should give them an opportunity to use it.”
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,574.50, Down $2.90.
- Silver, $27.33, Up $0.01.
- Platinum, $1,539.40, Up $2.90.
- Palladium, $735.00, Up $10.10.
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
