Mid-Day Gold & Silver Market Report – 8/30/2013
SYRIA IN HEADLINES KEEPS PRESSURE ON METALS
Precious Metals are trending downward through mid-day trading as the speculation of an imminent military attack on Syria is starting to lose momentum. However, Gold futures rose nearly 7 percent for the month of August and around 14 percent for the quarter. Mark O’Byrne, executive director at GoldCore in Dublin, said, “The smart money is in position or positioning itself for the coming rally which should see Gold back above $1,600/oz by year end.”
U.S. stocks declined on the final day of August trading and are poised to have the worst monthly decline since May 2012. Most sectors are trading lower, with energy stocks being the exception due to continued speculation of a Syrian air strike and effects it could possibly have on the region. Historically, Gold and other Precious Metals prices have risen with international conflict as investors turn to the metals to provide stability in their portfolios.
At 1:28 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,399.20, Down $15.80.
- Silver, $23.55, Down $0.62.
- Platinum, $1,525.10, Down $1.70.
- Palladium, $721.40, Down $17.70.
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