Daily Gold & Silver Market Report – 4/13/2016
Brandi Brundidge
4/13/2016 1:21:00 PM
GOLD’S NEXT MOVE; BIG BANK STRATEGIES FOR BANKRUPTCY EXPOSED
Gold is slightly down Wednesday on a strengthened U.S. dollar along with a better-than-expected reading on Chinese exports supporting global stocks. “Gold looked great driving up toward $1,264 [per ounce], but its failure there and retreat back toward $1,254 looks ominous, as it appears to have completed the right shoulder of a head and shoulders top,” Colin Cieszynski, chief market strategist at CMC Markets, said in a note. Precious Metal prices have felt pressure this year from the Federal Reserve’s plan to increase interest rates as the economy appears to stabilize. The Fed proposed to increase rates twice in 2016.
Investors’ fears regarding big banks failing and possibly needing public funds to bail them out was confirmed by federal regulators Wednesday. Five of the eight largest U.S. banks do not currently have procedures in place to protect themselves from bankruptcy, so they could see firmer oversight to resolve these issues. "Each plan has shortcomings or deficiencies," FDIC Vice ChairmanThomas Hoenig said in a statement. "No firm yet shows itself capable of being resolved in an orderly fashion through bankruptcy. Thus, the goal to end too big to fail and protect the American taxpayer by ending bailouts remains just that: only a goal." The news confirms investor fears that a bank isn’t necessarily the safest place to keep your money and reaffirms one of the many reasons investors prefer to buy physical Gold and Silver to have on hand.
At 2:27 P.M. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,248.70 Down $12.70
- Silver, $16.34 Up $0.08
- Platinum, $1,001.50 Up $2.30
- Palladium, $545.30 Up $0.10
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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
