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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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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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