Morning Gold & Silver Market Report – 5/15/2013

Ryan Schwimmer

5/15/2013 7:54:00 AM

MANUFACTURING INDEX SHOWS CONTRACTION

The Gold price fell to a three-week low in early morning trading, though it recovered some losses after a disappointing New York Manufacturing index report was released. U.S. stock futures slipped on the news, as the negative reading indicates contraction in that segment of the economy. The producer price index, a key inflation gauge, showed slowing inflation as food and energy costs fell. This data could give the Federal Reserve more leeway to continue its quantitative easing plan instead of looking for a quick exit, as recently speculated.

Across the sea, eurozone gross domestic product numbers disappointed investors looking for an end to the recession that has stretched into its sixth straight quarter. The news, however, could turn positive, as Ishaq Siddiqi of ETX Capital explains. He said, “The outcome of eurozone GDP hasn’t triggered a reversal of the bullish tone, as many believe that this will only push the ECB to consider options to provide further stimulus measures.”

At 9 a.m. (EDT), the APMEX Precious Metals spot prices were:

• Gold, $1,413.70, Down $13.20.
• Silver, $23.00, Down $0.48.
• Platinum, $1,498.00, Down $5.40.
• Palladium, $727.60, Down $1.60.

APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.