Closing Gold & Silver Market Report – 4/24/2013

Ted Prince

4/24/2013 4:05:00 PM

PHYSICAL DEMAND CONTINUES AS EARNINGS PROJECTIONS WAVER

Gold continued to rise today as disappointing economic data prompted a surge in demand for both paper and physical Precious Metals.  As Gold is set to record losses of roughly 11 percent this month, many individuals remain undeterred as the old investment adage “buy low, sell high” has caused a massive influx of buying at what investors perceive to be discount prices.  One analyst stated “Demand for physical Gold worldwide remains strong after last week’s price plunge. … Strong demand for physical Gold worldwide, and especially from Asia, continues to underpin the Gold market.”  Though Gold is down and short term projections have been cut, long term investors, including billionaire investor John Paulson, who famously predicted the subprime mortgage collapse of 2008, have remained bullish.

Volatility in equities markets remains as many experts have cut corporate earnings projections for the second quarter.  Economists who initially forecasted a 6.2 percent increase at the beginning of April have scaled back their predictions to 5.5 percent expansion in the coming quarter.  “The earnings season has been enough to hold stocks where they are in light of some less than hoped for macro data,” Federated Investors Inc. fund manager Lawrence Creatura said. “Time will tell if it will remain enough as we move through what’s a seasonally more difficult time.”

At 5:02 pm (EDT), the APMEX precious metals spot prices were:

• Gold, $1433.70, Up $22.40.
• Silver, $23.22, Up $0.31.
• Platinum, $1432.60, Up $13.80.
• Palladium, $670.50, Down $3.90.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! 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.