Morning Gold & Silver Market Report – 8/27/2013
MARKET’S MAIN CONCERN: SYRIA
Gold and Silver prices are trading approximately two percent higher in early-morning trading after concerns over the unrest in Syria and confusion over quantitative easing tapering in the U.S. sent stock futures lower. Monday, U.S. Secretary of State John Kerry condemned the chemical weapon use by the Syrian government as a “moral obscenity.” Nick Lewis of London Capital Group explained, “Syria has taken over the mantle of market concern. The increasing political pressure in the States to intervene led U.S. markets lower, and Europe is following.”
Marketwatch’s Michael Gayed believes that Gold’s recent price movements are calling the U.S. Federal Reserve’s bluff regarding potential tapering. He wrote, “The fact that Gold is starting to outperform strongly into the September Fed meeting may mean bets are rising that the Fed will not rock the boat, but instead re-adjust crowd mentality away from cutting back on bond buying. Perception-wise, then, this may mean Gold's strength is anticipating a reversal in yields, more money printing, and another bout of stimulus.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,422.80, Up $27.60.
- Silver, $24.71, Up $0.64.
- Platinum, $1,548.80, Up $3.30.
- Palladium, $748.50, Up $1.00.
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