Closing Gold & Silver Market Report – 4/29/2013

Brandi Brundidge

4/29/2013 4:28:00 PM

ONE ANALYSIS SHOWS GOLD’S LONG-TERM OUTLOOK IS SOLID

Precious Metals prices are on the rise today as the market anticipates this week the European Central Bank (ECB) will confirm their decision to reduce interest rates and the Federal Reserve will stay on course with its bond buying program for the U.S.  "Even as we think that Gold was in a bubble and prices could eventually come down, in the very near term with the FOMC (U.S. Federal Open Market Committee) and ECB meetings, the Gold market could come back on expectations there will be no early exit from quantitative easing from the Fed and interest rates will stay low in Europe," Danske Bank analyst Christin Tuxen said.  China is currently on holiday until Thursday for May Day celebrations, which may affect the price of Gold as they are the world’s second- largest buyer of the yellow metal.

Gold has held on strong most recently as prices have been volatile and committed investors have been right by its side continuing to purchase the safe haven asset.  "Depressed price levels were perceived as an attractive entry point by physical buyers and bargain hunters," ETF Securities said. "The longer-term fundamental outlook for Gold has not changed and appears robust in our view, despite the sharp falls seen in recent weeks."  Investors are seeking to purchase physical metals versus exchange-traded funds, which assisted Gold by pushing it up last week by 3%.

At 5 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,478.40, Up $22.30.
• Silver, $24.64, Up $0.79.
• Platinum, $1,513.50, Up $35.50.
• Palladium, $702.50, Up $18.50.

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