Mid-Day Gold & Silver Market Report – 9/5/2013
INVESTORS LOOKING TO DATA, G-20 MEETING FOR CLUES TO FED’S THINKING
U.S. stocks were higher in morning trading, and US Bank Wealth Management’s Jim Russell said, “The market is reacting to several different crosscurrents, some positive and some elements of uncertainty,” such as Syria and other factors. He continued, “We are going to get more data tomorrow, nonfarm payrolls, which is key, and linked very tightly around Fed taper decisions. And we’ll probably know more next week around Syria, and the uncertainty there. The noises out of the G-20 this weekend could be telling about what path the U.S. might take.”
The Gold price appears to simply be reacting to economic data today. The yellow metal’s price hit a two-week low in morning trading, and Citi analyst David Wilson said, “The main focus is the [U.S. Federal Reserve]. Everyone is trying to pre-judge what the Fed might do, so if the employment numbers are better than expected it will heighten the sense that tapering will be sooner rather than later, and the reverse if the data's below expectations.”
At 1 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,373.90, Down $18.10.
- Silver, $23.30, Down $0.13.
- Platinum, $1,483.80, Down $11.90.
- Palladium, $686.30, Down $10.90.