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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.

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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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