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

BIG DAY FOR METALS ON TECHNICAL BUYING

Following a slow start to Thursday’s trading session, Precious Metals prices have been lifted substantially as Gold broke through key technical levels and unrest in the Middle East boosted the safe haven appeal of metals.  "Today's move was mostly driven by technicals, and that spooked the bearish bets out of the Gold market," said Axel Merk, chief investment officer of California-based Merk Funds.  Gold has recently tried to surpass the $1,350 per ounce mark, with no success.  However, once this barrier was breached, Gold quickly rose to roughly $1,365 per ounce, bringing other Precious Metals with it.  Silver may be today’s biggest story, realizing its seventh straight session of gains with a 6 percent rise to end the day.  As we head into the weekend, investors will see if recent gains can hold before structuring future positions.

U.S. stocks fell considerably today with the Dow Jones Industrial Average racking up its second straight day of triple digit losses, marking the first day since June it has dropped more than 100 points two days in a row.  Continued fear surrounding the scaling down of U.S. Federal Reserve stimulus measures along with a jump in Treasury yields and poor corporate earnings forecasts all weighed heavily on equities.  Investors and traders will wait to see if recovery from today’s losses can be realized during Friday’s session.

At 5:17 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,367.60, Up $32.20.
  • Silver, $23.06, Up $1.19.
  • Platinum, $1528.90, Up $22.70.
  • Palladium, $764.80, Up $22.90.

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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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