Morning Gold & Silver Market Report – 9/10/2013
SYRIA CONTINUES AS MAIN DRIVER OF GOLD, STOCK PRICES
The U.S. dollar is trading higher this morning after U.S. Secretary of State John Kerry stated that if Syria gives up its chemical weapons, it could avoid a military strike from the U.S. With tensions temporarily eased, Gold and Silver prices fell as Russia publicly supported the proposal, which would be a “breakthrough,” according to President Barack Obama. However, Obama did not take a military response to Syria’s chemical attacks off the table completely.
Stock futures are higher in morning trading, as Steen Jakobsen of Saxo Bank said, “The back-down by President Obama has lifted risky assets, as it’s seen to reduce the potential geopolitical risk. This, combined with oversold conditions leading into this week, has created a nice bounce.” Craig Erlam, market analyst for London foreign exchange broker Alpari, wrote, “The prospect of strikes in Syria, potentially leading to the involvement of other countries in the region, has weighed heavily on risk appetite over the last couple of weeks, with investors pulling money out of stocks and other risky assets in favor of safe havens, including Gold.”
At 9 a.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,366.20, Down $22.50.
- Silver, $23.15, Down $0.59.
- Platinum, $1,477.50, Down $6.50.
- Palladium, $693.10, Up $11.10.
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