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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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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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