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.
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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD


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