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Closing Gold & Silver Market Report – 9/4/2013

MARKET PREPARES FOR FRIDAY’S NON-FARM PAYROLL; SILVER DEMAND ON THE RISE

Today, the market began preparing for Friday’s U.S. non-farm payroll report as it’s been speculated the data will provide clues for the Federal Reserve’s next move on tapering monetary easing. Gold dropped nearly two percent as investors began profit taking on the metal’s recent gains ahead of the upcoming Federal Reserve meeting Sept. 17-18 and due to geopolitical tensions in Syria. “A U.S. attack on Syria is not a done deal and after the latest announcements investors are just taking profits in Gold as well as in oil,” VTB Capital analyst Andrey Kryuchenkov said.

The demand for American Silver Eagle coins has increased this year as YTD sales from the U.S. Mint have already exceeded 2012 records. The U.S. Mint reported they have currently sold 33.75 million ounces of Silver coins in 2013 compared to 33.74 million in 2012. Investors have turned to Silver as an alternative asset as it has turned back into a bullish market with a gain of 29 percent in just two months’ time. “Demand continues to remain very strong,” Paul Zimnisky, chief executive officer of Pure Funds, said. “The lure of it being an industrial metal is also giving it a boost as expectations of demand in China are improving.”

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,393.30, Down $20.70.
  • Silver, $23.50, Down $0.95.
  • Platinum, $1,497.00, Down $42.20.
  • Palladium, $696.00, Down $20.10.

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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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