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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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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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