Morning Gold & Silver Market Report – 4/19/2013
Ryan Schwimmer
4/19/2013 8:09:00 AM
MARKET SHAKEUP AFFECTING STOCKS, GOLD
Gold and Silver prices are still recovering from losses suffered early this week, though Precious Metals aren’t the only thing reeling from a market shakeup. Fawad Razaqzada of GFT Markets said that the Dow Jones Industrial Average is facing “its biggest weekly loss in almost a year, and some further mixed earnings news last night has done little to help rally sentiment (for the stock market) ahead of the weekend break. … it really is difficult to see where any meaningful support is going to come from.”
Though the Gold price is headed for a fourth week of losses, the boost in sales of Gold coins and bars are giving investors something to cheer. Mark Pervan of ANZ said, “This gives us some confidence that as panic selling passes, prices can rebound by $100 to $150 an ounce and trade in the $1,400 to $1,550 range over the next three to six months.”
At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,407.30, Up $11.80.
- Silver, $23.47, Up $0.13.
- Platinum, $1,427.30, Down $2.70.
- Palladium, $676.80, Up $6.00.
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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
