Mid-Day Gold & Silver Market Report – 8/27/2013
SYRIA CONCERNS PUSH INVESTORS TO GOLD
Today, Gold officially hit a 15-week high on growing concern surrounding the possibility of the West using military force against Syria. During times of uncertainty, investors generally flock to Gold as a safe haven asset. “The major reason for Gold's gains is the safe-haven buying on the back of geopolitical tension in Syria and soaring crude oil prices, which are another source of support for Gold,” Quantitative Commodity Research owner Peter Fertig said. Once the U.S. Federal Reserve makes a decision on tapering fiscal policy, the Precious Metals market could see another boost if the cut is modest or if it doesn’t happen this year.
U.S. consumer confidence for August moved closer to a 5 ½ year high with a forecast reflecting optimistic views on the job market and wages. “Consumer confidence and sentiment indices are in a solid uptrend,” Joshua Shapiro, chief U.S. economist at MFR Inc., wrote in a note to clients. The unemployment rate is still extremely high, as July saw the lowest amount of jobs added in the past four months.
At 3:34 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,419.80, Up $24.70.
- Silver, $24.63, Up $0.56.
- Platinum, $1,530.00, Down $15.50.
- Palladium, $747.00, Down $0.60.
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