Morning Gold & Silver Market Report – 7/31/2013

MARKETS PLAY WAITING GAME

U.S. stock futures are holding on to fractional movements this morning as investors await today’s stack of economic data. Second quarter GDP, private-sector payrolls and the outcome of the U.S. Federal Reserve meeting will add fuel to the fire and move the needle one way or the other. It’s no surprise that investors are cautious after the selloff in May when the Fed commented on the future of quantitative easing. Alpari U.K market analyst Craig Erlam said, “If we get a strong [GDP] figure, we’ll probably see a lot of choppiness as traders try to guess how the Fed will react to it this evening. I’d say there would still be more buyers than sellers on good news, as some people have just accepted that tapering will occur later this year and are solely focused on fundamentals. However, that could all change later if the Fed indicates in any way that tapering will be delayed at all.”

Precious Metals, especially Gold, have felt the shifting winds of change as the Federal Reserve debates the time frame of tapering. The upcoming announcement from the Fed will undoubtedly push prices one way or the other. There seems to be a sentiment with Gold investors that the tapering process will make the yellow metal, which pays no dividend or interest, particularly sensitive to rising interest rates. However, emerging markets account for about three quarters of Precious Metal purchases worldwide. Juan Carlos Artigas, the World Gold Council’s head of investment research, said, “Gold is not only a store of wealth but it is also bought around the world in periods of higher income growth as we have seen in emerging markets.”

At 9:01 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,325.50, Down $0.90.
  • Silver, $19.80, Up $0.03.
  • Platinum, $1,437.40, Down $1.10.
  • Palladium, $733.70, Up $3.60.
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Disclaimer:

APMEX’s ‘News and Commentaries’ provide our readers with a review of spot price activity and some of the factors that may be affecting the market for precious metals, three times during the trading day. 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 "News and Commentaries" are not intended as a comprehensive discussion and there may be other factors that may be affecting the financial marketplace. These "News and Commentaries" are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, to purchase or to sell any precious metal product. All orders, all purchases and all sales, if any, are subject to the terms of the User Agreement and other applicable policies.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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