Morning Gold & Silver Market Report – 8/22/2013
‘SUBSTANTIAL BUYING’ OF PHYSICAL GOLD CONTINUES
The release of the weekly jobless claims report had little effect on Precious Metals prices, as the Gold price remained mostly flat and the Silver price remained positive. New claims rose by 13,000 last week, though the level remains near a low since the recession. Continuing claims rose as well, by 29,000. Both levels are higher than economists predicted, but the U.S. Federal Reserve’s potential tapering of quantitative easing continues to take the spotlight.
The Gold price’s reaction to yesterday’s Fed minutes has some analysts surprised. Karim Cherif of Credit Suisse said, “You would expect that after the minutes, the Gold price would be slightly lower. But this is not what is happening at the moment. What is interesting in Gold prices right now is actually what is happening on the physical side. There is still substantial buying in the physical market.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,377.10, Up $5.00.
- Silver, $23.30, Up $0.26.
- Platinum, $1,527.30, Up $7.20.
- Palladium, $752.10, Up $3.70.
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