Closing Gold & Silver Market Report – 8/8/2013
CHINESE TRADE GROWTH LIFTS MARKETS
Precious Metals experienced a solid boost today as a weaker U.S. dollar pushed Gold up by more than $25 an ounce. Strong import data from China along with positive economic reports from the eurozone weighed down the dollar, giving metals an unexpected lift. Lower prices caused physical demand for Gold to rise by 2.5 percent in July compared with the same time last year. Following today’s price jump, some analysts are challenging the anti-Gold sentiment that has taken hold of those investors who have moved into bearish expectations following the metal’s recent price correction. One expert referred to Chinese data and U.S. jobs numbers and their impact on Precious Metals by stating, “There were pretty strong bets that Gold was going to continue to go down. With the news coming out, [...] I think the mind set is changing a bit.”
U.S. stocks were able to reverse their three-day losing streak Thursday. The strong trade data from China influenced today’s modest gains in equities markets and is expected to be positive for worldwide GDP. Federal Reserve stimulus tapering is still at the forefront of investor awareness, which could cause shaky trading in the coming weeks. However, the potential for cuts to quantitative easing is causing optimism among some market experts like Anastasia Amoroso, Global Market Strategist at JPMorgan Funds, who stated, “One thing to keep in mind is if the Fed does actually reduce the pace of purchases, that is for some very good reasons.”
At 5:04 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.00, Up $26.70.
- Silver, $20.32, Up $0.72.
- Platinum, $1,493.70, Up $54.40.
- Palladium, $739.90, Up $15.30.
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