Morning Gold & Silver Market Report – 8/30/2013
U.K. VOTES DOWN SYRIA ATTACK, FRANCE READY TO STRIKE
Precious Metals are trading lower this morning after news that the United Kingdom parliament voted against a strike on Syria. However, French President Francois Hollande said a military response to the reported chemical attacks in Syria could come as soon as Wednesday. Hollande said, “The chemical massacre of Damascus cannot and must not remain unpunished. All options [are available and] France wants firm and proportionate action.” A response would likely focus on Syria’s ability to launch chemical attacks as opposed to a removal of Syrian President Bashar al-Assad from power.
Though the past 24 hours have seen Gold and Silver prices fall, the metals are still on track for a weekly and monthly gain. VTB Capital analyst Andrey Kryuchenkov explained, “You have a decrease in the risk premium as it seems that the Syrian action is delayed. Investors are taking profits because nobody wants to be caught short or long ahead of the weekend, when more developments on the geopolitical front are expected.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,396.30, Down $18.50.
- Silver, $23.71, Down $0.45.
- Platinum, $1,516.80, Down $6.60.
- Palladium, $728.50, Down $10.80.
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