Morning Gold & Silver Market Report – 8/15/2013

GOLD ETF BUYING RESUMES; GOLD MAY HAVE REACHED BOTTOM

Precious Metals prices remain flat this morning as Gold holds at its highest level in three weeks on investor hopes that the U.S. Federal Reserve might delay monetary stimulus tapering. Additionally, exchange-traded fund (ETF) holdings for SPDR Gold Trust, the world’s largest Gold-backed ETF, rose for a second week in a row.  Outflows of ETF holdings have caused the Gold price to plunge more than 20 percent this year with exit positions totaling close to 20 million ounces, or $27 billion.  However, recent additions to Gold ETF holdings could signal higher prices as such indicators often boost market sentiment. 

Aggressive selloffs of Gold ETFs forced the metal to its lowest point in three years in late June.  Panic selling took hold of investors as large hedge funds led by Wall Street heavyweights like George Soros, Daniel Loeb and renowned Gold bug John Paulson cut their Gold holdings during the second quarter.  Though some view the mass departure from Gold positions by hedge funders as a sign that Gold’s safe haven appeal has diminished, many believe the onslaught of selling has brought the yellow metal near the bottom.  "There is a large possibility the washout needed after the big decline occurred in Q2. That could signal a short-term low was in place for Gold," Sarhan Capital chief executive officer Adam Sarhan said.  Now that Gold backed ETF buying has resumed and physical demand remains high, investors could see the resurgence of Gold in the near future.  

At 9:29 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,326.70, Down $8.70.
  • Silver, $21.90, Up $0.04.
  • Platinum, $1,507.70, Up $1.50.
  • Palladium, $748.70, Up $6.90.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 3:43:53 PM EST

Metal Bid Ask Change
Gold $1,284.70 $1,286.70 $3.60
Silver $19.38 $19.48 $0.07
Platinum $1,394.80 $1,404.80 $4.50
Palladium $782.60 $787.60 $3.00
4/23/2014 3:43:53 PM EST

Click here for Historical Charts*All Charts are in USD


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