Mid-Day Gold & Silver Market Report – 8/9/2013
STOCKS, GOLD SET TO END WEEK LOWER
U.S. stocks have fallen Friday leaving equities markets set to end the week lower, effectively ending a six week rally (the longest in one year). With trading volume at its lowest level in 12 months, investors are still attempting to position themselves based on their outlook for the future of the Federal Reserve’s monetary easing program. “We certainly came into a week we knew was wanting for catalysts. Last week we had a plethora of economic data and a preponderance of quarterly reports; this week we have neither,” Art Hogan, market strategist at Lazard Capital Markets, said. “We’ve tried to make the stories fit the market action, and that’s a dangerous game, especially in low volume.” As the S&P 500 breached 1,700 for the first time last week, slight corrections like markets are experiencing today are to be expected. Investors and traders will await more jarring news to revitalize markets in coming weeks.
The Gold price is fairly level headed into the weekend as a lack of noteworthy economic headlines has kept trading volumes low during the traditionally slow summer months. “All in all, traders are not willing to push in either direction, at least before we get more clarity about what the Fed will do,” Credit Suisse analyst Karim Cherif said. As speculation abounds over the timeframe for the Fed to begin scaling back its monthly asset purchases, all interested parties ponder the potential impact the reduction will have on stocks and Precious Metals markets alike.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,314.40, Up $2.50.
- Silver, $20.49, Up $0.21.
- Platinum, $1,500.90, Up $8.30.
- Palladium, $742.30, Up $2.30.
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