Closing Gold & Silver Market Report – 4/16/2013
Nicholas Wilsey
4/16/2013 4:19:00 PM
GOLD PRICE CLOSES ON AN UPSWING
After two days of losses for the price of Gold, today’s market turned in a positive direction. “We have had technical barriers broken in the past two days, while the overall macro environment has been moving away from the inflation bias ... and some institutional investors are rethinking their positions in commodities in general and Gold specifically,” Deutsche Bank analyst Daniel Brebner said. The drop in price has caught many investors off guard due to the uncertainty throughout the global economy. With the sudden drop in price, many Gold buyers are taking advantage of the chance to get into the market.
Forbes’ Christopher Helman is searching for reasons for the Gold price’s recent tumble. Cyprus’ bailout agreement, which may require the country to sell some of its Gold reserves causing other debt-ridden eurozone countries to do the same, was thought to be a potential catalyst. However, the disclosed Gold holdings of Portugal, Ireland, Italy, Greece and Spain would be valued at just $120 billion combined, which would not be enough to make a significant dent in the debts of any of those countries.
At 5:00 PM (EDT), the APMEX precious metals spot prices were:
- Gold, $1370.80, Up $6.70.
- Silver, $23.49, Up $0.01.
- Platinum, $1450.80, Up $25.00.
- Palladium, $678.00, Up $10.00.
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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
