Closing Gold & Silver Market Report – 4/22/2013

Craig C. Calvin

4/22/2013 4:04:00 PM

PHYSICAL DEMAND PUSHES GOLD ABOVE $1,400

Physical demand for Gold pushed the price up for the third session in a row to end today above $1,400 an ounce.  Gold’s rise was helped by data released Friday from the Commodity Futures Trading Commission that suggested many larger traders reduced their “short” bets that Gold prices would fall based on last week’s performance.  According to Frederic Panizzutti, senior vice president at MKS Group, “physical traders, on the expectation that Gold could possibly correct back higher, rushed into Gold. Physical demand continues to be very strong and could push the price higher over the coming days.”  Prices for Silver, Platinum and Palladium were up today as well.

Now that first quarter earnings reports are coming out, some economic strategists are anticipating a greater degree of volatility for stocks in the near future.  Just over 20 percent of the companies in the S&P 500 have posted quarterly results, but so far a higher number than usual show disappointing results.  Of the trend, managing director at Lazard Capital Markets Art Hogan said, "That is for sure not a formula for success against a weak economic backdrop over the last two weeks.  We'll find out more in the next two weeks when more heavyweights report, but it looks like we've set the table for a pullback. Stocks are already looking at the most negative week for the year."  Bill Stone with PNC Wealth Management echoed this sentiment, stating, “Underneath the surface is something that's not quite so healthy. They're struggling on the top line, the revenue side. That is indicative of a global economy growing below trend."

At 5:01 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,428.20, Up $30.10.
• Silver, $23.48, Up $0.42.
• Platinum, $1,435.20, Up $10.30.
• Palladium, $684.90, Up $6.80.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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.