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Market Reports

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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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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