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Closing Gold & Silver Market Report – 8/28/2013

OIL PRICES RISE AS SYRIA HEADLINES NEWS

Gold and Silver prices ended Wednesday with a slight pullback from this morning’s rallies.  With geopolitical tensions continuing to rise in Syria and speculation of a military attack from the United Nations, Precious Metals prices have responded.  Richard Gotterer, managing director at Wescott Financial Advisory Group, said, “There’s nothing like the threat of military action to bring buyers back to Gold.”  He continued to say that if an attack is authorized, Gold will probably surge some more on the uncertainty.”

U.S. stocks finished the day higher with a slight boost from the energy sector.  Oil prices are rising based on continued unrest in Syria and the Middle East.  UBS Financial Services director of floor operations Art Cashin said, “The market was somewhat impervious to the geopolitical risk that was out there and now it's come home to roost I think you want to watch both oil and Gold … The difficulty is that once events begin to take place, they can accelerate and that becomes a problem.”

At 5:08 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,420.30, Down $1.90.
  • Silver, $24.42, Down $0.29.
  • Platinum, $1,540.10, Up $7.00.
  • Palladium, $746.00, Down $4.70.
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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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