Closing Gold & Silver Market Report – 9/9/2013
METAL PRICES AWAIT FED TAPERING, SYRIAN RESPONSE
Precious Metals remained flat throughout the day as anticipation grows on two major factors: the U.S. Federal Reserve’s fiscal policy and our next move with Syria. Although last week’s non-farm payroll report was weaker than expected, Commerzbank believes the Fed could still announce a date to taper monetary policy as early as next week. “The idea that an exit from ‘QE3’ might begin next week is by no means off the agenda yet in the eyes of market participants, which is likely to make it difficult for Gold to rise above the $1,400 per troy ounce mark in any lasting fashion over the next few days,” Commerzbank commodity analysts wrote.
President Barack Obama has been attempting to encourage Americans to have confidence in the decision for military action against Syria, and he is expected to address the nation at 9 p.m. Tuesday. Syrian President Bashar al-Assad delivered a direct threat through a CBS interview broadcasted today confirming that consequences from a U.S. strike could provoke terrorist attacks. “You should expect everything,” Assad said. “Not necessarily from the government. The government is not the only player in this region. You have different parties, you have different factions, you have different ideology.”
At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,388.20, Down $0.30.
- Silver, $23.76, Down $0.16.
- Platinum, $1,485.70, Down $11.00.
- Palladium, $687.00, Down $8.90.
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