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.

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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
4/16/2014 6:14:33 PM EST

Metal Bid Ask Change
Gold $1,302.50 $1,304.50 ($1.00)
Silver $19.60 $19.70 $0.02
Platinum $1,426.50 $1,436.50 ($1.30)
Palladium $800.00 $805.00 $1.70
4/16/2014 6:14:33 PM EST

Click here for Historical Charts*All Charts are in USD


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