Mid-Day Gold & Silver Market Report – 9/3/2013
GOLD CLIMBS ON ISRAELI MISSILE TEST
The Silver price remained positive while the Gold price increased in morning trading. An Israeli missile test seemed to have sparked the move higher in Gold, as investors seek a safe-haven in turbulent times. Many analysts are looking forward to economic data due later in the week. Mitsubishi analyst Jonathan Butler said, “The biggest story is certainly the non-farm payrolls data at the end of the week, where a strong number will certainly weigh on Gold, as this will give more clues about the timing of tapering. We are again seeing some safe-haven buying related to geopolitical concerns after the Israeli missile news but the long-term story is still the macro economic situation and Gold's role as a hedge against that uncertainty.”
The Gold price appears to be heading for its first yearly loss in many years, and one of the big reasons of that is major outflows from exchange-traded funds (ETFs). However, outflows from ETFs were at an all-time high in August, and it wasn’t just Gold. More volatility is likely on tap, according to BlackRock ETP Insights’ Raj Seshadri, who said, “Continued uncertainty around the timing of the Fed’s tapering, the direction of economic data and potential geopolitical conflict is likely to lead to increased volatility for equity and bond markets in September.”
At 2:30 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,414.20, Up $16.10.
- Silver, $24.40, Up $0.87.
- Platinum, $1,540.40, Up $12.30.
- Palladium, $717.80, Down $5.10.
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