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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