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Morning Gold & Silver Market Report – 8/9/2013

TAPERING DISCUSSION CONTINUES TO SPUR MARKETS

The Gold price is mostly flat this morning as investors appear to be waiting for the next clue as to when the Federal Reserve will begin tapering the current round of quantitative easing. Mitsui Precious Metals analyst David Jollie said, “With one obvious news story being discussed all the time, which is the progress towards, or lack of progress towards, tapering, there is an awful lot of opportunity for nervous investors to wait before choosing which side to bet on for Gold. … In the short term, for most people, the actions of the Fed are their major concern related to the Gold market.”

A positive industrial output report from China wasn’t enough to keep U.S. stock futures out of the red this morning. China’s retail sales were lower than expected, however, suggesting that the country isn’t out of the woods yet. China has been a key indicator of the global economy as one of the important emerging economies of the world, and recent data out of the country has been disappointing.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,311.30, Down $0.60.
  • Silver, $20.37, Up $0.09.
  • Platinum, $1,495.80, Up $3.20.
  • Palladium, $741.30, Up $1.30.

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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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