Mid-Day Gold & Silver Market Report – 4/11/2013
Brandi Brundidge
4/11/2013 11:53:00 AM
GOLD RECOVERING ON PESSIMISTIC U.S. NEWS
Gold experienced a price dip Wednesday and is slowly recovering today as U.S. weekly jobless claims fell. Generally, as the yellow metal's value falls, the jewelry industry and central banks tend to acquire more Gold holdings to take advantage of the pricing. Richard Hastings, a macro strategist at Global Hunter Securities, confirmed this by saying, “Gold prices are getting a moderate lift this morning on somewhat oversold conditions. [There are also] conflicting ideas regarding price direction in the context of central bank buying — which they increase when prices dip, so the intersection of jewelry and central bank demand could act to stabilize prices in the near term.”
According to a new NBC News/Wall Street Journal poll, 47 percent of Americans believe the sequester is hurting the U.S. economy. Another 30 percent find it to have no real economic impact, while just 16 percent reported the budget cuts are providing assistance. President Barack Obama’s approval rating has declined after the White House and Congress were unable to reach an agreement that could have prevented the automatic spending cuts, as Americans are wary of the president’s job performance.
At 1:05 p.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,567.80, Up $7.50.
- Silver, $27.84, Up $0.08.
- Platinum, $1,536.10, Up $5.30.
- Palladium, $735.10, Up $13.30.
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.
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
