Mid-Day Gold & Silver Market Report – 5/2/2013
Ted Prince
5/2/2013 12:01:00 PM
CENTRAL BANKS REMAIN COMMITTED TO STIMULUS
The Gold price continues to rise today as the European Central Bank (ECB) has reaffirmed its commitment to accommodative monetary policy. Today’s news from the ECB follows Wednesday’s Federal Reserve report that indicated the U.S. stimulus program will remain unchanged in the near future. “Central-bank policy announcements over the last couple of days indicate that the era of easy money won’t be ending any time soon,” said one market analyst. Gold continues its struggle to gain a secure trajectory as the demand for physical Precious Metals and perpetual asset purchases attempt to outweigh cuts in price forecasts and turbulence among electronically traded Gold products.
Positive jobless claims data along with eurozone interest rate cuts have combined to drive the S&P 500 to an all time high. Some experts are suggesting that the current market climate is primed for a fourth year of sell-offs just before summer commences. Art Hogan, managing director at Lazard Capital Markets, said, “Something's going to derail this rally and a large cohort of people are looking for that pullback…at the very least, we'll continue to have mini-setbacks…we haven't seen much more than two percent pullbacks so far this year.”
At 1:00 pm (EDT), the APMEX precious metals spot prices were:
- Gold, $1471.00, Up $22.30.
- Silver, $23.99, Up $0.56.
- Platinum, $1499.50, Up $28.50.
- Palladium, $693.40, Up $6.70.
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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
