Mid-Day Gold & Silver Market Report – 8/15/2013
GOLD RALLIES IN RESPONSE TO STOCK MARKET DROP
After better than expected jobless claims data caused Gold futures to dip in morning trading, the yellow metal has rallied in response to a sharp drop in U.S. stocks and treasury bonds. According to Gold Newsletter editor Brien Lundin, “Pundits out there are touting safe haven demand, and I can’t argue with that. The deteriorating situation in Egypt and the selloff in U.S. equities are undoubtedly having an effect.” Silver, Platinum, and Palladium are all trading higher as well.
A rapid rise in interest rates has caused stocks to plunge through mid-day trading. Randy Frederick, managing director of active trading and derivatives at Charles Schwab, stated, “There's this big long list of potential negatives out there that are pending. That could cause this market to pull back. The difficulty is picking the exact time.” Today’s results have caused many to ask whether a long anticipated market correction has begun, which would broaden the appeal of Precious Metals as an alternative investment.
At 1:27 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,362.60, Up $27.20.
- Silver, $22.98, Up $1.11.
- Platinum, $1532.00, Up $25.80.
- Palladium, $765.50, Up $23.70.
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