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Mid-Day Gold & Silver Market Report – 8/16/2013

GOLD SET FOR BEST WEEK IN A MONTH

Precious Metals prices continued their slow climb through mid-day trading.   A report showing U.S. consumers are not as optimistic about the economy as forecasted has prompted investors to turn to alternative investments.  Saxo Bank general manager Ole Hansen explained, “Investors are so concentrated on the whole talk about tapering that any disappointing U.S. data can bolster prices.  People are pricing in the fact that the Fed will keep interest rates low for quite a long time and that's positive for Gold.”  Historically, an environment supportive of low interest rates pushes investors toward non-interest bearing assets like Precious Metals.

The U.S. dollar rallied today against foreign currencies like the euro and yen.  However, many traders and investors are concerned the economy is not strong enough for the Federal Reserve to begin tapering its quantitative easing program.  Omer Esiner, chief market analyst at Commonwealth Foreign Exchange in Washington, said, “Yesterday's data spooked investors into concern about a wholesale abandonment of U.S. assets.  If Treasury prices continue to fall, potential tapering may not be as broadly positive for the dollar as first thought.”

At 1:12 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,368.70, Up $5.80.
  • Silver, $23.33, Up $0.32.
  • Platinum, $1,528.50, Down $4.80.
  • Palladium, $764.60, Up $6.30.

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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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