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Morning Gold & Silver Market Report – 9/9/2013

SYRIA, FESTIVAL SEASON, HEDGE FUNDS COULD ADD TO GOLD’S APPEAL

Precious Metals prices are level in morning trading as investors fret over the outcome of next Monday’s much anticipated Federal Open Market Committee (FOMC). Though ongoing concern about conflict in the Middle East and the upcoming festival season in Asia could rally physical Gold demand this week, most analysts and investors continue to ponder the possibility of Fed stimulus tapering as the ultimate driver of metals prices. “The Federal Reserve meeting remains an event risk for gold, and I think there's growing consensus that tapering is going to come eventually,” Credit Suisse's head of commodities research Tobias Merath said. However, Wall Street appears to be showing signs of renewed interest in Gold as hedge funds increased futures holdings by the largest margin since January.  “The longer-term focus that Gold is not dead and there are reasons for owning it is why you’re seeing bullish bets continue to grow in the space,” USAA Precious Metals & Minerals Fund fund manager Dan Denbow said. 

Positive data from Asia has lifted U.S. stock futures this morning and helped quell some of the anxiety surrounding a potential attack against Syria. Trade data showed an increase in Chinese exports in August and new numbers show that Japan’s economy grew much faster during the second quarter than originally expected. On the domestic front, macroeconomic data has been generally positive in the lead up to next week’s FOMC meeting. “Recent data have all pointed to further improvement on the labor market, thus suggesting that a September start to tapering is still the most likely outcome. The desire to avoid excessive market volatility is a further argument,” Danske Bank analysts said.

At 9:36 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,391.00, Up $2.50.
  • Silver, $23.75, Down $0.16.
  • Platinum, $1,492.60, Down $4.10.
  • Palladium, $692.30, Down $3.60.

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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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