Mid-Day Gold & Silver Market Report – 4/9/2013

Brandi Brundidge

4/9/2013 1:21:00 PM

ECONOMISTS REMAIN BULLISH ON GOLD

Gold is on the rise ahead of minutes to be released Wednesday from last month’s Federal Open Market Committee policy meeting and a weaker U.S. dollar.  Saxo Bank Vice President Ole Hansen remains bullish on Gold and suggests investors are sitting on the sideline waiting for the yellow metal to move above its supported price of $1,600 before making an investment decision.  “Fed minutes tomorrow may give us a clue as to how strong the [quantitative easing] conviction is and with U.S. data hitting a bit of a soft patch I see no major downside risk to Gold,” Hansen said. “But now there is still the worry that the multi-year rally is over.”

Credit ratings agency Moody’s cut Spain’s credit rating today as they expressed a pessimistic view on the country’s credibility.  Spain’s new credit rating is Baa3, just one level above junk status.  “Whilst acknowledging the progress in fiscal consolidation that Spain has achieved at all government levels, the outlook on Spain's government bond rating remains negative given the continued challenges it faces in meeting the deficit targets,” Moody's wrote in a note. 

At 1:20 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,587.30, Up $13.30.
• Silver, $28.04, Up $0.79.
• Platinum, $1,553.90, Up $15.90.
• Palladium, $732.10, Up $1.40.

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