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

Nicholas Wilsey

4/23/2013 4:03:00 PM

GOLD PRICE FINISHES LOWER DESPITE PHYSICAL DEMAND

Gold and Silver prices fell today based on the strength of the U.S. dollar. "Gold is lower as well as other commodities, including crude oil and base metals, which fell after weaker than expected economic data out of China and Europe, which gave a boost to the dollar," Commerzbank analyst Carsten Fritsch said. Another reason for the fall is the continued selling of Gold exchange traded funds (ETF). While Gold traded in paper form is being sold off, the physical product is selling at record pace. "What we saw in the past few sessions was a lot of physical buying in the form of coins and bars but the ETF numbers are heavily down and we don't necessarily see a resurgence in demand from the ETF side any time soon," SP Angel analyst Carole Ferguson said.

With the movement in the Gold market over the last couple of weeks, many investors are wondering what the future holds for the yellow metal. One investor is still very positive for Gold’s future based on global indicators. "I don't think anymore you have to be bearish on the dollar for Gold. I think you have to be bearish on the world economy," FX Concepts Chairman John Taylor said. "And the fact of the matter is what you're bearish is not on the economy, but you're becoming bullish on the fact that they're going to step on the gas and they're going to go out the other side and there's going to be a lot of liquidity. And Gold leads that by a lot.”

At 5:00 PM (EDT), the APMEX precious metals spot prices were:

• Gold, $1414.80, Down $8.90.
• Silver, $23.00, Down $0.42.
• Platinum, $1417.00, Down $20.80.
• Palladium, $675.00, Down $7.90.

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