Mid-Day Gold & Silver Market Report – 4/16/2013

Brandi Brundidge

4/16/2013 12:34:00 PM

GOLD BOUNCES AFTER LOSS; FED PRESIDENT’S GLOOMY ECONOMIC OUTLOOK

Gold experienced its largest drop since 1983 with Monday’s dip of 9.3 percent.  The yellow metal’s price has been affected the past few days as some investors decided to liquidate their positions.   At the moment, many analysts are uncertain where the market will bottom out and where to find future support for Gold.  "Temporarily I would say we have found a bottom," Aurum Options Strategies partner Tom Vitiello said in an interview. "The option volatility has come in ... and that's a big thing because that's telling us that people have a little bit less fear of the market continuing the decline."

This morning, New York Federal Reserve President William Dudley confirmed he expects the U.S. economy to remain sluggish, estimating 2 to 2.5 percent growth this year and a modest decline in unemployment.  Only 88,000 new jobs were created in March as Americans gave up hope for pursuing employment.  "While I don't want to read too much into a single month's data, this underscores the need to wait and see how the economy develops before declaring victory prematurely," Dudley said.

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

• Gold, $1,382.90, Up $18.80.
• Silver, $23.78, Up $0.30.
• Platinum, $1,449.70, Up $23.90.
• Palladium, $678.80, Up $10.80.

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