Morning Gold & Silver Market Report – 4/25/2013

Geoffrey Varner

4/25/2013 8:18:00 AM

GOLD RISES TO 10 DAY HIGH; PHYSICAL BUYING SURGES

Gold climbed to its highest price in 10 days during overnight trading, hitting $1,447.66 an ounce. The increase is credited to a weaker dollar, firmer prices in other commodities and a ninth straight session of physical Precious Metals demand. Investors have also noted that Russian and Turkish central bank purchases, as reported by the International Monetary Fund, increased in March. Daily outflows from exchange traded funds (ETF) are keeping the largest Gold backed ETF, New York’s SPDR Gold Trust, at its lowest level since late 2009.

Physical buying of Gold is increasing around the world, and not just in India and China, the top Gold consuming countries. Analyst Jonathan Barratt said, “In Australia, we had a queue outside one of our bullion houses about half a kilometer long and I haven't seen something like that for years." In another sign of increased Gold demand, the U.S. Mint has suspended sales of 1/10 oz Gold American Eagle coins. So far this April, the Mint has sold 175,000 ounces of Gold American Eagle coins, putting it on pace to challenge its record sales set in December 2009. Year to date demand for the 1/10 oz Gold Eagle coin is up over 118 percent compared to the same period last year.

At 9:14 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,450.20, Up $23.90
• Silver, $23.66, Up $0.73.
• Platinum, $1,453.90, Up $23.10.
• Palladium, $680.10, Up $11.50.

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