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Mid-Day Gold & Silver Market Report – 8/23/2013

FED STIMULUS CREATES ‘UNIQUE MARKET SITUATION’

Precious Metals prices are trending up through mid-day trading.  With the release of a government report showing new-home sales data was weaker than expected, U.S. stocks and the dollar have begun to fall.  A big part of investor uncertainty is the effect the report will have on the timing of the U.S. Federal Reserve tapering its stimulus program.  Managing director at Rosenblatt Securities in New York, Gordon Charlop, said, “ This has been a very unique market situation, with the Fed stimulus being such an important component to the market rally. This is uncharted waters for us, so regardless of what the move is, the fact you are someplace you haven't been before is cause for uncertainty.”

With Gold prices being historically lower than in recent years, Indonesian consumer’s purchasing rate has expanded to a four-year high.  India and China are the world’s biggest buyers of Gold, however recent price slumps and an expanding middle class have spurred purchasing across Southeast Asia.  Djaja M. Tambunan, finance director at PT Aneka Tambang (ANTM), said, “Our production cannot keep up with demand because it’s so high.  Investors see Gold as hedging against inflation. If inflation is out of control, people will turn to either forex or Gold markets.”

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

  • Gold, $1,396.60, Up $23.80.
  • Silver, $23.79, Up $0.70.
  • Platinum, $1,540.60, Down $0.50.
  • Palladium, $752.60, Down $3.90.
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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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