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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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Disclaimer:
APMEX’s ‘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, 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.

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