Morning Gold & Silver Market Report – 4/16/2013

Ryan Schwimmer

4/16/2013 8:15:00 AM

ANALYST: METALS WILL REBOUND “JUST AS RAPIDLY”

Precious Metals are rebounding from yesterday’s losses. Clifford Bennett, chief economist at The White Crane Group, believes that the fundamental factors that pushed Gold to record highs in 2011 remain. “I sincerely believe that the moment the now significant short position holders begin to take profit, that this market will rally at least 50 percent of the fall just seen, just as rapidly… Nothing has changed except perceptions, and with Gold that matters a lot. Yet the perception that the market is oversold will also develop in coming days.” To further reinforce that physical Gold was not a major factor in the selloff, the Chicago Mercantile Exchange Group raised margin requirements for trading in Precious Metals contracts.

U.S. futures contracts are also recovering some of yesterday’s losses. Market strategist Stan Shamu said, “I think it’s a combination of a number of factors, including the stabilization in the commodities space and the fact that the U.S. bombings, which saw U.S. equities hammered, didn’t compound into a much worse situation. At the close of U.S. trade it seems panic was setting into investors’ minds and some of this might just have calmed.”

At 9:14 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,397.40, Up $33.30.
• Silver, $23.81, Up $0.33.
• Platinum, $1,451.50, Up $25.70.
• Palladium, $680.40, Up $12.40.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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.