Mid-Day Gold & Silver Market Report – 8/5/2013
PLATINUM OUTPERFORMING GOLD IN 2013
Gold and Silver prices were little changed in morning trading Monday. Platinum is making headlines, however, as holdings in exchange-traded funds are at record highs. Commerzbank analysts believe that rising U.S. automobile sales have played a major factor in this, along with supply issues out of South Africa. In 2013, the Platinum price has outperformed the Gold price by approximately 15 percent.
Jeffrey Saut, chief investment strategist for Raymond James, said today that the Federal Reserve will not begin tapering its highly accommodative quantitative easing (QE) program until 2014. Current expectations have been for tapering to begin as early as September, but recent economic data may be delaying those plans. Saut said, “I don't think the Fed is going to do anything between now and year end. I think the economy is going to be fast, fast, slow, slow. And right now, it's slow, slow—so I don't think they are going to taper.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, 1,304.30, Down $8.20.
- Silver, $19.80, Down $0.20.
- Platinum, $1,453.10, Up $0.60.
- Palladium, $736.50, Up $5.30.
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