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Weekly Gold & Silver Market Report for Apr 12, 2013

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GOLD REACTS TO ECONOMIC CONDITIONS

As the week began, the price of Gold was mostly flat after positive gains last week. There is a continued move from commodities into equities, though many economists wonder how long this trend will last. “Equities are stronger, and that’s why we are seeing some profit-taking in Gold, but losses could be contained as there is still a lot of uncertainty, especially in Europe, where some issues are re-emerging in Portugal,” MKS Capital Senior Vice President Bernard Sin said.  This week’s main focus was on the United States Federal Reserve meeting and the future of their easing policies. “Market participants will be keen to get further clarity on where Fed members stand on QE, particularly given rising talks of flexibility and potential tapering of asset purchases,” UBS said in a note. The monthly Federal Open Market Committee meeting minutes were released early Wednesday morning, though the contents were hardly newsworthy. The report showed a growing number of reserve members questioning continued monetary easing. “In particular, participants pointed to possible risks to the stability of the financial system, the functioning of particular financial markets, the smooth withdrawal of monetary accommodation when it eventually becomes appropriate, and the Federal Reserve’s net income,” the March meeting minutes state. However, these minutes were compiled before the release of the latest employment report, which showed a slowdown in new job creation. Since the beginning of the easing program, the Fed has made it clear the program will continue until employment reports show major improvement. Another catalyst of Gold’s price drop came from Cyprus’ intention to sell excess Gold reserves to help finance their economic bailout. It is not a large enough amount of Gold to affect the price on its own; however, it does open the door to speculations of other countries’ potential plans to deal with economic issues. “A bearish interpretation would be, where Cyprus leads, others will follow. If those others were Spain or especially Italy, they have very large reserves. But there are good reasons to think in this, as in other aspects, Cyprus is a special case,” Macquarie Metals Analyst Matthew Turner said. By the end of the week, Gold had lowered to its lowest level since July 2011. Gold’s response to economic data and U.S. and foreign currencies has adjusted over time and MKS Group’s Senior Vice President Frederic Panizzutti has noticed, saying that lately, Gold “does not seem to respond adequately to the current financial and geopolitical situation. The rumors about Cyprus possibly selling some Gold from its Central Bank reserves had a psychological impact resulting in some selling despite the fact that the amount of Gold being mentioned could easily be absorbed by the market.”

MARKET REACTION QUESTIONED

While the financial markets monitor and react to different reports around the world, many economists are questioning if those reactions are justified. U.S. consumer confidence dropped to a nine month low in April as economic stability has become a concern for Americans. Pessimistic data on jobless reports and recent retail sales is preventing economic growth. The Federal Reserve plans to continue with its monetary easing policy to create stronger job and housing markets.  On the topic of monetary easing in the U.S., a prominent Wall Street money manager has joined the list of those criticizing the Fed’s quantitative easing program. Rick Rieder, the managing director of investment firm BlackRock, is calling on the Fed to rein in its bond-buying efforts, describing them as “a large and dull hammer” that is in danger of increasing inflation. This opinion marks a change for Rieder and BlackRock; in the past, the firm had been a proponent of government debt. According to Rieder, “Fed policy has had a distorting effect on capital allocation decisions of all kinds at virtually every level of the economy.” In Europe, the economic issues have been well documented and the news this week did not change the region’s outlook. Credit ratings agency Moody’s cut Spain’s rating as they expressed a pessimistic view on the country’s credibility. Spain’s new credit rating is Baa3, just one level above junk status. “Whilst acknowledging the progress in fiscal consolidation that Spain has achieved at all government levels, the outlook on Spain’s government bond rating remains negative given the continued challenges it faces in meeting the deficit targets,” Moody’s wrote in a note. Surprisingly, the Gold price has yet to react to tensions out of North Korea, instead being swayed more by economic data, monetary policy decisions and currency trades. Wednesday’s news about Cyprus selling a portion of its Gold reserves is also weighing on the Gold price. UBS said in a note, “Given the significantly weaker-than-expected employment print in March, the focus on U.S. economic data is bound to become more acute in the coming weeks and months as the market searches for clues on whether the current momentum of opinion at the Fed continues or stalls.”

At 5:00 pm (EDT), the APMEX precious metals spot prices were:

  • Gold, $1485.70, Down $82.20.
  • Silver, $26.05, Down $1.77.
  • Platinum, $1478.10, Down $48.70.
  • Palladium, $707.40, Down $27.00.

Three Tips on Placing Orders with APMEX

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We’re back! It’s time for part three of our APMEX course. You’re one lesson closer to becoming a Precious Metals expert. Now that you know how to buy and sell, here are three new tips to consider when placing your orders with APMEX!

  1. Before calling our account managers and reading from your “must have” list, make sure that you’re registered on our website! It’s free to register for an account with APMEX, and you’ll have a chance to win a FREE 1 oz Gold American Eagle. You can find the registration link at the very top of our website.
  2. So, you’ve registered…now what? If you’re a new investor you may have a number of questions about where to begin. We have several options to help you decide between the 5,000 products that we offer:
    1. Check out our New Investors page. This page is designed to ease new investors into the world of Precious Metals and contains a glossary of key terms, educational videos and a quick start guide that you can download for free.
    2. Join the in-crowd! Find out what other customers are currently investing in and take a look at the latest trends on our Top 40 Best Sellers page.
    3. Sometimes you just want to talk to a live person. Our account managers are here to help! These experts won’t lead you into what to buy, but they are extremely well versed on our products and the market and are happy to share their wealth of knowledge. Connect with an account manager at
      (800) 375-9006.
  3. Be sure of your selection before submitting your order. Once the order has been submitted, it can’t be changed or modified. Ask all the questions you can think of before finalizing your purchase so you can be confident in your selections.

Weekly Gold and Silver Market Recap for Apr 5, 2013

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GOLD PRICES FLUCTUATE THROUGHOUT WEEK

This week, Gold prices moved up and down on economic reporting and a major sell off of commodities. Weaker than expected manufacturing data released Monday put downward pressure on the dollar, causing a mild lift in the Gold price. The Institute for Supply Management (ISM) reflected a significant slowing of U.S. manufacturing expansion for March. The index slipped from 54.2 percent in February to 51.3 percent, surprising economists who expected levels to stay the same. The news of sluggish domestic manufacturing comes amid increasing optimism regarding the future of the U.S. economy. However, without a sustained period of positive data in industrial output and job markets, the Federal Reserve is expected to continue its quantitative easing, which analysts forecast as a strong bullish factor for the long term appeal of Gold. All of Monday’s gains were quickly erased Tuesday as the financial outlook in the U.S. continued to improve. As equities in the U.S. marketplace reach for all time highs, Precious Metals struggle for support. “There is an overwhelming sentiment that growth will remain slow and not inflationary, and that has eliminated some of the momentum investors in Gold,” SICA Wealth Management’s Chief Investment Officer Jeffrey Sica said. Economists now look toward Friday’s U.S. labor report for possible directional indicators.

As the week progressed, Gold continued to feel pressure from the strengthening U.S. dollar. The market overlooked news coming from central bank policy meetings that saw the Bank of Japan state they will advocate further monetary easing as the European Central Bank holds steady to its policy. “We have a lot of liquidation of the Gold ETFs and the short position on the Comex for Gold remains very high, so a lot of the macro hedge fund selling have put pressure on Gold,” HSBC Metals Analyst Howard Wen said. Investors await Friday’s U.S. employment data, which will be yet another factor to show if the economy is developing at a successful rate. Gold and Silver prices rebounded significantly while stock futures dipped in the moments following the release of the U.S. nonfarm payrolls report. Expectations for the number of jobs added in March were around 200,000, but the number came in at just 88,000. Earlier in the morning, UBS said in a note, “A significantly weaker-than-expected employment number could spark a powerful upside response (for Gold) given sentiment and the current level of shorts that would be forced to cover.” Though the number of new jobs was a disappointment, the U.S. unemployment rate fell to 7.6 percent; however, that is most likely due to fewer Americans looking for work. Federal Reserve policymakers have said recently that figures like the unemployment rate and the number of jobs added month-over-month are key factors in their decision on continuing monetary easing, which has historically been a boon for the Gold price.

GLOBAL ECONOMIC HEADLINES

Though the situation in Cyprus seemed to have been pushed to the backburner of investors’ minds, some experts believe the crisis isn’t over yet. PIMCO CEO & Co-CIO Mohamed El-Erian said, “Draconian capital controls have restored a sense of calm to a disorderly situation in Cyprus. At best, this is a short reprieve. If not followed by more fundamental (and inevitably controversial) decisions, it will just be a matter of weeks before the controls go from being a temporary solution to becoming part of an even deeper problem.” Many believe the issues in Cyprus are a microcosm of the region as a whole. The eurozone employment report was released Tuesday, showing unemployment in the region is higher than it’s ever been, and the numbers keep climbing. More than 19 million people are out of work as of February. That is almost two million more unemployed citizens than this time last year. “Such unacceptably high levels of unemployment are a tragedy for Europe and a signal of how serious a crisis some eurozone countries are now in,” EU Employment Commissioner Laszlo Andor said. Europe is not the only region with upsetting financial news this week. The Bank of Japan’s announced that it would pump $1.4 trillion into asset purchases over the next two years, which is perhaps the most aggressive central bank easing policy to date. “I still think Japan’s still the key story,” UBS Financial Services’ Director of Floor Operations Art Cashin said. “We’re going to have to find out in a couple weeks whether that begins to move money through the Japanese economic system.” Liberal easing programs by central banks have traditionally been supportive of Gold. Many will wait to see what Japan’s stimulus program holds for world stock and Precious Metals markets.

At 5:00 pm (EDT), the APMEX precious metals spot prices were:

  • Gold, $1582.10, Up $28.20.
  • Silver, $27.37, Up $0.50.
  • Platinum, $1539.20, Up $21.40.
  • Palladium, $728.00, Up $2.50.

Only 3 Days To Get Special Savings On Gold Maple Leafs

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You Must Order By Thursday, March 28, 3 p.m. (CDT).


You Must Order By Thursday, March 28, 3 p.m. (CDT).

Canadian Gold Maple Leaf coins, considered some of the most beautiful Gold coins in the world, appeal to both investors and collectors worldwide for their beauty and high purity.

Coin Highlights:

  • Contains 1 oz of .999+ fine Gold (in 1982, the purity was raised from .999 to .9999 fine).
  • Multiples of 10 are packaged in mint tubes. Multiples of 500 are packaged in “Monster Boxes.” All other coins will be in protective plastic flips.
  • Eligible for Precious Metals IRAs.
  • Obverse: Likeness of Queen Elizabeth II, along with the year and face value.
  • Reverse: A large, single maple leaf with the weight and purity.
  • Guaranteed by the Royal Canadian Mint.

Protect and display your coin in style by browsing our Coin Supplies category.

Gold Maple Leaf coins — why buy Gold from APMEX?

Because Gold Maple Leafs are eligible for Gold IRA accounts, Gold Maple Leaf coins are a great way to diversify one’s wealth. APMEX makes buying Gold online easy with prompt service, convenient access, and competitive pricing on a wide selection of Gold coins, Gold bars and Gold rounds. Also, you can turn to us when it’s time to sell Gold or sell Silver.

Silver Plunges Below $30 Act Now

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SIVLER PLUNGES BELOW $30 FOR THE FIRST TIME IN MONTHS. TAKE ADVANTAGE OF THIS BUYING OPPORTUNITY.

If you’ve been waiting for a price dip in order to begin or expand your holdings in Silver, now may be a good time to act. Silver prices have pulled back creating opportunities for savvy collectors.

SILVER REMAINS A VALUABLE ASSET

Given the ongoing uncertainty of the global markets and today’s weakness in Silver prices, now may be the time to build your investment. Read more about Precious Metals prices in our Daily Gold & Silver Market Report, always updated three times throughout the day.

LOCK IN YOUR PRICE WHEN YOU ORDER FROM APMEX

When you buy Silver from APMEX, the price listed is the price you pay (not including shipping) — locked in at the time of your order. There are no commissions and no hidden fees. That means you can take maximum advantage of the recent price pullback in Silver to buy your favorite items.

DON’T MISS THIS BUYING OPPORTUNITY IN SILVER