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Morning Gold & Silver Market Recap – 8/26/2013

GOLD ETF INFLOWS SHOW INCREASED DEMAND

The Gold price is trading flat this morning as investors wonder if the yellow metal can rack up another week of gains on continued inflows to Gold-backed exchange traded funds (ETFs).  According to Barclays analysts, the influx to ETFs on Friday reached its highest level this year.  “Flows for the month-to-date remain negative at 17 tonnes but the pace of outflows has showed signs of slowing as equity markets have weakened and prices have risen, meaning fewer ETPs [exchange-traded products] are loss-making,” Barclays said in a note on Monday.  As markets remain fragile ahead of stimulus taper anticipation, much of the recent price rally is due to short covering while the Commodity Futures Trading Commission also showed a multitude of new long positions, helping boost the price.

European stocks are down as U.S. stock futures gave up early gains ahead of ongoing anxiety surrounding central bank stimulus plans.  Domestic durable-goods data is expected to come in lower for the first time in a month today, which would weigh on the minds of U.S. Federal Reserve officials as they consider the schedule for scaling back U.S. monetary stimulus measures. “On the one hand you want to see an improvement in the economy but if does improve too much, tapering is back on the agenda,” Vontobel Asset Management head of equity and commodity strategy Andreas Nigg said. “This is a dilemma for the markets. The best scenario is moderate growth. Durable goods numbers can be volatile and fluctuate a lot.”

At 8:36 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,398.20, Up $0.50.
  • Silver, $24.23, Up $0.44.
  • Platinum, $1,540.20, Down $2.40.
  • Palladium, $752.30, Down $0.10.
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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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