Morning Gold & Silver Market Report – 4/17/2013

Ryan Schwimmer

4/17/2013 8:18:00 AM

GOLD’S DIP SPURS PHYSICAL BUYING

The Gold price recovered some early-morning losses, while the other Precious Metals have given up most of the previous day’s gains. As many investors are already aware, the recent dip in the price of Precious Metals has boosted the market for coins, bars and other physical items. One analyst said, “People are actually buying everything, Gold bars, Gold coins. People are rushing to get a hand on it. [Dealers] have a problem meeting the demand because [they] are unable to get new supply… There’s a huge backlog. It’s the same for Silver. So far, sentiment seems to be improving. Even the price has more or less stabilized.”

News out of China suggests that a crisis larger than the U.S. housing market crash could happen in the Eastern country. Zhang Ke of accounting firm ShineWing said, “We audited some local government bond issues and found them very dangerous, so we pulled out. Most don’t have strong debt servicing abilities. Things could become very serious. It is already out of control. A crisis is possible. But since the debt is being rolled over and is long-term, the timing of its explosion is uncertain.”

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

• Gold, $1,385.10, Down $5.30.
• Silver, $23.42, Down $0.33.
• Platinum, $1,439.90, Down $11.70.
• Palladium, $670.60, Down $8.60.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! 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.