Mid-Day Gold & Silver Market Report – 8/26/2013
GOLD NEAR BULL MARKET
The Gold price has remained flat in morning trading, treading water just below the $1,400 per ounce mark. Barratt Bulletin newsletter founder Jonathan Barratt believes that Gold is nearing a bull market again. He said, “When you look at Gold, it only has to travel back through $1,416 [per ounce] to re-enter the bull market. So we're pretty close to that and it [the gains] has been the result of physical demand, geopolitical issues and also in the U.S. and what's happening with tapering.”
The Silver price has been a standout recently and is up approximately two percent in morning trading. Atyant Capital Global Opportunities Fund lead portfolio manager Vedant Mimani said, “Gold investors tend to be more conservative relative to Silver investors so Gold investors may be taking a wait-and-see approach, while the Silver community is trying to get ahead of the Fed.” However, Morgan Stanley research recently discovered that Silver’s supply and demand fundamentals have been improving lately, also helping the metal see a boost in price.
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,395.50, Down $2.30.
- Silver, $24.12, Up $0.33.
- Platinum, $1,545.90, Up $3.30.
- Palladium, $747.30, Down $5.10.
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