Closing Gold & Silver Market Report – 8/6/2013
GOLD HOLDS UNDER $1,300
The Gold price fell to the lowest it has been in three weeks today. A variety of data affected the already embattled Precious Metal until apparent technical selling at the $1,300 mark kicked in, driving the price even lower. One key factor was the improvement in the trade deficit. The U.S. economy may have grown faster than initially reported in the second quarter as evidenced by the lowest traded deficit in 3-1/2 years in June when exports reached record highs and imports fell. The improvement in European economic conditions and continued stability in China all point to continued growth in the U.S. for 2014 and beyond. These improvements lend a hand to the continued talk of tapering the current QE program.
The summer doldrums are in full effect right now, and the U.S. stock market is not immune. Monday was the lightest volume full trading day of the year. This is partially due to the lack of data and information from earnings reporters and mixed signals from Fed officials. Ken Polcari, director of the NYSE floor division at O'Neil Securities in New York, said, “[Fed officials] are all hedging themselves, which is why the market continues to just be a little bit confused and why it is going to churn.” The U.S. dollar showed weakness against the Yen today, and Oil prices came down as well.
At 5:07 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, 1,284.20, Down $20.20.
- Silver, $19.56, Down $0.25.
- Platinum, $1,429.20, Down $19.90.
- Palladium, $723.80, Down $12.90.
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