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

Geoffrey Varner

4/30/2013 4:02:00 PM

GOLD CLOSES APRIL DOWN 7.8 PERCENT

The Gold price was up again today adding to recent gains but is closing out its worst month since December 2011.  For the trading session, investors seemed reluctant to move much either up or down as they await a decision from the Fed and the ECB.  Richard Hastings, macro strategist at Global Hunter Securities said, “Now that the month is over, we can finally look at the gold phenomenon historically.”  In comparison, this month’s gold decline is mild compared to the collapse in October of 2008 when it fell roughly 18 percent.

U.S. stocks rose again seeing the S&P 500 Index reach another high.  The milestone is attributed to a gain in consumer confidence.  Gary Flam, of Bel Air Investment Advisors LLC in Los Angeles, said, “The market is at a high here and a lot of that seems to be driven by the faith in central bankers.”  The S&P 500 has gained 1.8 percent in April, it’s sixth monthly advance and the longest winning streak since September of 2009.

At 5:00 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,478.70, Up $8.80.
• Silver, $24.37, Up $0.14.
• Platinum, $1,508.90, Up $0.00.
• Palladium, $700.70, Down $0.50.

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