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Mid-Day Gold & Silver Market Report – 8/7/2013

PRECIOUS METALS NOT SURE HOW TO REACT TO THE POSSIBILITY OF TAPERING MONETARY POLICY

Precious Metals are feeling the heat today as concern is growing that the U.S. Federal Reserve may begin tapering as early as next month. Due to the assumption of the cutback in fiscal policy, the Gold price traded lower this morning and has since had a nice bounce. The market became alarmed after Fed presidents’ comments this week confirming their belief that it is quite likely to see a reduced amount of monthly bond buying by the end of 2013. The next Fed meeting for a possible tapering announcement is set for September 17-18.

Italy received positive economic news today showing that they are on track for a strong recovery. Economists forecast that in the fourth quarter of 2013 the country’s GDP will return to growth. Federico Ghizzoni, the chief executive of Unicredit, Italy’s largest bank, said, “We believe that the fourth quarter this year will be the first quarter in Italy after many with a positive signal.” Better-than-expected exports have provided assistance in rebuilding business confidence in the economy and will hopefully place Italy in an improved financial situation.

 

At 1:17 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,286.20, Up $1.70.
  • Silver, $19.60, Down $0.01.
  • Platinum, $1,438.40, Up $9.60.
  • Palladium, $724.60, Up $0.40.

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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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