Morning Gold & Silver Market Report – 8/16/2013
GOLD SELLOFF SLOWING; STOCKS LOOK TO REBOUND ON ECONOMIC REPORTS
Gold and Silver futures are trading flat this morning while investors wait to see if Precious Metals can hang on to a strong week of gains. Gold is up roughly 4 percent, while Silver has out-performed all other metals, rising more than 12 percent this week. As Silver surges to its greatest weekly gain in almost two years, some analysts credit continued physical demand and global economic improvement as catalysts for Silver’s breakout performance this month. As SEC filings for renowned hedge funds became public Wednesday, some clarity was brought to investors as several Wall Street moguls heavily decreased or eliminated Gold positions during the second quarter. The large scale down in holdings for these entities help “explain why we saw so much selling from the ETFs over the last few months and give hope that this selling may now be done,” London commodities broker Marex Spectron wrote. “This should prove fairly bullish to the market in the long run, if this liquidation is mostly over.”
U.S. stocks look to rebound from sharp declines experienced Thursday as investors hope new economic reports will buoy the validity of year-to-date gains in the S&P 500 and Dow Jones Industrial Average. “Of course the market has been extended in terms of sentiment and expectations, and of course there are corrections and pullbacks. We are pro risk assets, and volatility is part of the game,” Societe General Wealth Management head of strategy Mourtaza Asad-Syed said. Traders and investors now hope that equities markets can rebound today as positive housing and consumer confidence announcements are expected following a session that saw its largest volume in two months.
At 9:08 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,367.90, Up $5.10.
- Silver, $23.14, Up $0.13
- Platinum, $1522.70, Down $10.60.
- Palladium, $760.60, Up $2.30.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.