Morning Gold & Silver Market Report – 4/30/2013

Ryan Schwimmer

4/30/2013 8:25:00 AM

TWO-DAY FED MEETING BEGINS

Gold and Silver prices gave up some gains in overnight trading, joining U.S. stock futures as mostly flat this morning.  Investors are waiting to hear the result of a two-day Federal Open Market Committee policy meeting this week.  Expectations for the meeting are for the Fed to continue with the third round of quantitative easing, as unemployment and inflation rates are still missing the Fed’s targets.

“Paper Gold,” or the popular exchange-traded funds backed by the metal, continues to lose steam as outflows are signaling that day-traders are losing interest.  Tim Riddell of ANZ Global Markets Research said, “From a technical point of view, although the rebound has been relatively solid, it appears to be a more sustained correction of the fall that we saw from late March.”  Many investors still believe the fundamental reasons for owning Gold are still very much intact, however, as evidenced by the extremely high demand for the physical product.  As popular as physical Gold has been, Silver coins and bars are even more scarce as demand has risen exponentially over the past few weeks.

At 9:23 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,471.60, Up $1.70.
• Silver, $24.32, Up $0.08.
• Platinum, $1,509.90, Up $1.00.
• Palladium, $701.50, Up $0.30.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! 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.