Mid-Day Gold & Silver Market Report – 5/1/2013

Nicholas Wilsey

5/1/2013 12:09:00 PM

GOLD PRICE LOWERS DESPITE NEGATIVE MARKET REPORTS

Today the price of Gold and other Precious Metals has moved down while the market waits for the U.S. Federal Reserve to announce its game plan later today. There are reports that show which way the Fed may be leaning. “In last month's (Fed) meeting everyone was keen on finding out just how much the Fed board was discussing the potential for shutting down quantitative easing. That was when U.S. data was constantly surprising the market, things have changed and the U.S. dollar picture is not quite as bright as first thought,” Paul Bregg, a currency trader at Western Union Business Solutions, said.

With the U.S. jobless rates being released Friday, many are predicting that the growth in the economy may not be as robust as originally expected. Without the growth of jobs and added tax money, the country’s Gross Domestic Product (GDP) will suffer. While jobs are being added, many believe it will take much more to turn the gloomy outlook around. “The fact is that the U.S. economy isn't growing fast enough to significantly increase the revenue to the government, but our debt is still soaring. It’s a shame [the U.S. government] won't just implement real measures to grow the economy like reduce regulations, simplify the tax code and balance the budget,” Michael Pento, founder of Pento Portfolio Strategies, said.

At 1:05 pm (EDT), the APMEX precious metals spot prices were:

• Gold, $1445.40, Down $29.20.
• Silver, $23.42, Down $0.86.
• Platinum, $1470.40, Down $38.30.
• Palladium, $686.60, Down $13.20.

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