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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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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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