Closing Gold & Silver Market Report – 8/26/2013
GOLD AGAIN BULLISH; DEBT LIMIT NEEDS TO BE CONTAINED
Gold’s worldwide demand has held steady as the yellow metal is currently entering a bullish market after falling into a bear market earlier this year. The safe haven appeal is returning to Gold as the market has received mixed messages from the U.S. Federal Reserve and economic data. “Physical demand is very strong, and that is lending support to prices, and we think it's time to increase our holdings,” Michael Mullaney, the Boston-based chief investment officer for Fiduciary Trust Co., said. “The economy is improving, but there are some misses, which intensify the debate on tapering and increases demand for Gold as a safe-haven investment.”
The new concern looming over Congress is whether to allow the government to borrow additional funds before the U.S. defaults on its financial obligations in mid-October. “Congress should act as soon as possible to protect America's good credit by extending normal borrowing authority well before any risk of default becomes imminent,” Treasury Secretary Jack Lew said in a letter to congressional leaders. The same scenario occurred in the summer of 2011 when Congress failed to reach an agreement and the U.S. credit rating was downgraded by S&P.
At 5:51p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,406.70, Up $8.90.
- Silver, $24.37, Up $0.58.
- Platinum, $1,551.00, Up $8.40.
- Palladium, $749.10, Down $3.30.
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