Morning Gold & Silver Market Report – 4/23/2013

Ryan Schwimmer

4/23/2013 7:38:00 AM

GOLD’S REBOUND ATTRIBUTED TO PHYSICAL DEMAND

The Gold price is mostly flat in early morning trading, while Silver has given up yesterday’s gains. Monday was the third consecutive day of gains for Gold as the metal attempts to rebound from the sharp losses suffered thus far in April. Tocqueville Gold Fund Manager John Hathaway said, “At the very least, a sharp rebound based on short covering and physical buying should be expected once the panic has run its course. The bigger consideration is whether the validity of the rationale for Gold has changed.”

Many analysts are speculating that the Gold price has hit its bottom after rebounding $100 following last Tuesday’s low of $1,321, and they are attributing that to the boost in demand for physical Gold. HSBC’s chief commodities analyst Jim Steel said, “I think the most important thing is there's been a marked reaction by consumers and retail investors to the drop in price… It's very much at the retail level. It's literally consumers reacting through coins and small bars. It's really a major driver in us going $100 above the low.”

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

• Gold, $1,418.80, Down $4.90.
• Silver, $22.91, Down $0.51.
• Platinum, $1,420.00, Down $17.80.
• Palladium, $671.00, Down $11.80.

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.