Closing Gold & Silver Market Report – 4/11/2013
4/11/2013 4:00:00 PM
The Gold price is up slightly as many investors are taking a breather following a large selloff Wednesday. One Precious Metals analyst stated, "Yesterday's price action confirmed that the bears are in near-term technical command. When you see a big price move in a market, many times the following day you'll see a pause just as traders catch their breath." Gold was also padded by the release of mildly disappointing employment data, which revealed relatively unchanged jobless claims last week. Gold has historically reacted in opposition to economic reports: News that suggests improvement in the economic milieu tends to weaken Gold while undesirable news most often boosts the Gold price.
As Precious Metals struggle to secure a solid trajectory, stock prices have risen for a fourth straight session. Reports indicating strength in retail sales this spring were supportive of rising stocks. "This data is especially welcome on the heels of last week's jobs report, and it just adds to the tremendous demand that there continues to be for equities," BNY Mellon Wealth Management Chief Investment Officer Leo Grohowski said. However, the massive rally in equities markets since the beginning of the year, which has seen the S&P 500 rise roughly 10 percent, has some investors nervous. The newfound enthusiasm for higher risk assets among some investors, along with massive monetary injections into the market by the Federal Reserve, have led some to believe that current market levels are artificially high.
At 4:00 p.m. (EDT), the APMEX Precious Metals prices were:
- Gold, $1,562.40, Up $2.10.
- Silver, $27.70, Down $0.06.
- Platinum, $1,534.90, Up $4.10.
- Palladium, $733.00, Up $11.20.
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