Mid-Day Gold & Silver Market Report – 4/15/2013

Craig C. Calvin

4/15/2013 12:12:00 PM

GOLD AT TWO YEAR LOW ON NEGATIVE CHINESE DATA

During morning trading, the Gold price dropped below $1,400 for the first time in two years.  Economists point to negative gross domestic product data out of China, seen as a sign of the slowing global economy, as the reason investors are selling off Precious Metals and other commodities.  However, economist Marc Faber of the Gloom, Boom and Doom report says the current sell off in Gold offers “an excellent buying opportunity.”  In an interview with Bloomberg Television, Faber stated, “The bull market in Gold is not completed.”

Stocks have also felt the effects of China’s disappointing economic news.  The Dow Jones Industrial Average, S&P 500, and the Nasdaq are all down more than one percent after this morning’s trading.  According to Art Hogan of Lazard Capital Markets, “There will be a constant barrage of catalysts this week … and we may be setting the table for a correction that people are looking for.  We've seen a two week pattern of less than stellar economic data from the U.S., so we seem to be hitting a seasonal soft patch…we'll also be watching earnings and getting more information from a parade of [Federal Reserve] speakers."

At 1:03 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,377.00, Down $127.40.
• Silver, $23.60, Down $2.85.
• Platinum, $1,427.60, Down $68.90.
• Palladium, $668.80, Down $41.30.

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