Mid-Day Gold & Silver Market Report - 8/12/2013
GOLD RALLIES ON DEBT CEILING CONCERNS
Gold prices continued to rally through morning trading, hitting a three week high on debt ceiling fears and positive Chinese economic data. Ole Hansen, head of commodity strategy at Saxo Bank, commented, “The jump in Gold since the low last week has primarily been driven by Silver following the better-than-expected imports of raw materials last week from China.” While tapering fears have recently suppressed prices, the constant reminder of the debt ceiling is beginning to come to the forefront.
As the focus continues to be on the economy and the Federal Reserve tapering its easing program, the issue of the next Federal Reserve chairman is still being debated. The leading candidate remains former Treasury Secretary Larry Summers, followed by Federal Reserve Vice Chair Janet Yellen. Many feel the candidate chosen will have a big effect on September’s congressional session. While the candidates’ actual monetary policies don’t differ much, picking one over the other will most likely cause tension between the political parties. That risk could affect the chances of a deal being worked out between the two sides before the September 30 deadline for avoiding a government shutdown.
At 1:04 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,337.50, Up $23.30.
- Silver, $21.44, Up $0.94.
- Platinum, $1,499.40, Down $2.20.
- Palladium, $738.30, Down $4.30.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 7 p.m. (CDT)! Or call us Fridays until 5 p.m. (CDT)! If you have any questions about investing in precious metals or simply would prefer to place your order by telephone, we are here to help.