Morning Gold & Silver Market Report – 8/28/2013
GOLD HITS 3 MONTH HIGH ON SYRIA NEWS
The Gold price is continuing its rally this morning, topping $1,430 per ounce for the first time since May. Concerns over the situation in Syria appear to be the main catalyst of this rally. Historically, Gold is viewed as a safe haven in times of geopolitical tension. The U.S. and its allies have told Syrian opposition that a military response could be expected after last week’s chemical weapons attack. The Gold price is up nearly eight percent in August, which is its biggest one-month rise since January 2012.
PIMCO chief executive officer Mohamed El-Erian called himself a “worrywart” in an essay written this week, listing a number of reasons why he continues to worry about the U.S. economy post-Lehman Brothers. Among those reasons, he mentioned that Western economies continue to struggle with jobs and growth, politicians are extremely passive (such as the U.S. Congress not passing an annual budget), and the bankers that caused the 2008 financial meltdown have not been forced to change their ways.
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,429.80, Up $7.60.
- Silver, $24.91, Up $0.20.
- Platinum, $1,527.40, Down $5.70.
- Palladium, $745.90, Down $4.80.