Mid-Day Gold & Silver Market Report – 5/6/2013

Ryan Schwimmer

5/6/2013 12:24:00 PM

ANALYST: KEEP AN EYE ON SYRIA, ISRAEL

Precious Metals prices dipped slightly in morning trading. One analyst attributed the recent rebound in the Gold market to demand for coins and bars, though one other world event is worth watching as well. “Recent good demand for physical Gold continues to underpin the market,” the analyst said. “Any escalation in [the Israel-Syria] situation would likely prompt keener risk aversion in the world marketplace, and possibly fresh safe-haven demand for Gold.”

Conversely, the stock market saw little change in morning trading. Art Hogan of Lazard Capital Markets LLC said, “We’ll see if the market can digest the new highs, as it transitions from the defensive to cyclical sectors.” Hogan was speaking of the S&P 500’s all-time high, hit last week. He continued, “That’s healthy if it continues because it shows investors are taking on a higher level of risk.” When investors take on higher levels of risk, the Gold price normally sees more pressure, though that does not seem to be the case today.

At 12:23 p.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,470.50, Up $3.80.
• Silver, $24.05, Down $0.05.
• Platinum, $1,508.20, Up $5.50.
• Palladium, $698.60, Up $3.40.

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