Closing Gold & Silver Market Report – 4/25/2013
Brandi Brundidge
4/25/2013 3:56:00 PM
PRECIOUS METALS PRICES RECOVERING ON EUROPEAN CONCERNS
Today Gold has seen its biggest gain of 2013 as the market anticipates the European Central Bank’s announcement of plans to cut interest rates. “Rate cut speculation ahead of next week's ECB meeting and the prospect of continued ultra loose US monetary policy following more weak economic figures in the eurozone and the US are lending buoyancy to the Gold price," Commerzbank AG wrote in a note.
New York billionaire investor John Paulson confirmed Wednesday he is bullish for Gold. He acknowledges the recent price drop has brought some concern to the yellow metal; however, he believes that in the future, the safe haven asset could provide a powerful hedge against inflation. Paulson is better known as an influential hedge fund manager whose confident decision to invest in the housing market in 2007 earned him his wealth.
At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,469.70, Up $43.50.
- Silver, $24.43, Up $1.49.
- Platinum, $1,469.30, Up $37.00.
- Palladium, $684.00, Up $14.30.
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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
