Mid-Day Gold & Silver Market Report – 4/22/2013

Ted Prince

4/22/2013 12:08:00 PM

GOLD BOOSTED BY PHYSICAL DEMAND

The Gold price has recovered some of the ground lost after last week’s major price drop as expectations for the metal remain positive among many investors. “As the price moved over $1,400 U.S. dollars/ounce, physical traders, on the expectation that Gold could possibly correct back higher, rushed into Gold.” MKS Group Senior Vice President Frederic Panizzutti said. The demand for physical Gold along with continued support by central banks has helped buoy prices over the last few sessions. With prices making a slow and subtle rise since last week’s sell off, analysts and financial experts are now wondering if the Gold price is merely establishing new technical levels or if the rebound will be a sustained market movement with prices charging northward.

Stock market speculators remain dubious as recent volatility and wavering corporate earnings data has caused many to wonder if this year’s impressive market rally has run out of steam . "Weak corporate outlooks have added to the growth fears that are making investors more risk averse," Penn Capital Management Senior Portfolio Manager Eric Green said. "Ultimately, we think cyclical names will lead the market higher, but in the short term, the decline could continue." Home sales data also weighed on stocks Monday as the housing market , always a good indicator of economic strength and recovery, appears to have disappointed for the month of March, though many barriers were breached in previous months, leading many analysts to assert their confidence in housing improvement.

At 1:06 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,424.80, Up $26.70.
• Silver, $23.44, Up $0.38.
• Platinum, $1,438.10, Down $13.20.
• Palladium, $683.70, Up $5.70.

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