Mid-Day Gold & Silver Market Report – 4/18/2013
Ted Prince
4/18/2013 12:03:00 PM
BLACKROCK REMAINS BULLISH ON GOLD LONG-TERM
The Gold price has trickled up slightly today as the U.S. dollar sunk following weak economic data forecasting slow growth in the near future. Though the metal is currently hesitant to realize a strong rebound from the past week’s major sell-off, which saw Gold drop 13 percent in two days, global asset management firm BlackRock maintains a positive outlook for the long-term prospects of Gold. Dubbing the two-session sell-off as a “panic event,” BlackRock maintains that unusually low prices are expected to trigger central bank buying, and ongoing global inflation concerns will continue to drive metals higher as monetary easing persists on a large scale. Bart Melek, head of commodity strategy at TD Securities, weighed in by stating, “A correction of that magnitude begets a fairly robust bounce back. The central-bank buying is positive and is definitely providing support.”
As disappointing data from around the globe modestly boosted Precious Metals prices today, stocks are experiencing minor losses. “You can tell equity investors are on edge and looking for a reason, almost any reason, to take a little money off the table,” Wells Fargo Advisors Senior Equity Strategist Scott Wren wrote. “A series of worse than expected economic reports out of China, Europe and the U.S. over the last handful of trading days has taken some of the enthusiasm out of the market.” Equities have been extremely volatile this week with major swings in successive sessions. Many experts are wondering if this year’s tremendous rally along with this week’s instability will influence investors to move out of stocks for the time being.
At 12:02 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,393.60, Up $7.90.
- Silver, $23.34 Down $0.07.
- Platinum, $1,431.00, Down $5.40.
- Palladium, $673.00, Up $10.60.
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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
