Morning Gold & Silver Market Report – 5/6/2013
Geoffrey Varner
5/6/2013 8:17:00 AM
GOLD OPENS ON POSITIVE NOTE
Friday’s jobs report strengthened the U.S. dollar and put pressure on Gold, but the Precious Metal rebounded in overnight trading even though European markets are closed for a national holiday. Saxo Bank Vice President Ole Hansen said, “Technically we are in a nice upward channel since the mid April low.” He also noted that outflows from bullion backed exchange traded products have slowed.
U.S. stocks traded flat this morning, but the question remains, can the record highs keep coming? Eighty percent of S&P companies have reported earnings, but with no data today, investors have time to ponder the longevity of recent gains. IG Chief Market Strategist Chris Weston said, “With new all-time highs in the CAC, DAX and S&P 500, it seems like equities have regained their luster and the fact that so many are skeptical keeps us bullish on these markets, and from a technical perspective shorting is tough and unrewarding.” He also said don’t bet against the markets right now.
At 9:03 a.m. (EDT), the APMEX Precious Metals spot prices were:
- Gold, $1,472.60, Up $6.00.
- Silver, $24.05, Down 0.05.
- Platinum, $1,495.60, Down $7.10.
- Palladium, $693.60, Down $1.70.
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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
