Mid-Day Gold & Silver Market Report – 9/10/2013
SYRIAN WEAPONS AGREEMENT EASES FEARS
The Gold price has fallen to near a three-week low on news of an agreement for Syria to give up their chemical weapons. Societe Generale analyst Robin Bhar said, “The whole reason Gold rallied in the last few weeks has been on the back of the Middle East tension and the rise in the oil price, but that now is going into reverse with the possibility of an agreement. At the moment this whole idea (the Russian proposal on Syria) looks constructive and if the practicalities can be met this is the end of the tension, bringing back Gold to react more to the idea that Fed tapering could start in a few weeks time.”
Eased fears about the situation in Syria have been supportive for stocks, though positive data out of China has also helped. Tom DeMarco of Fidelity Capital Markets said, “The cautious tone we've seen in the past few days has abated. We had some better news out of China overnight, which is giving investors some cheer in terms of global economic potential, and the geopolitical situation looks like tensions may be lessening, which would be positive for markets as well.”
At 1:10 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,365.30, Down $23.40.
- Silver, $23.02, Down $0.72.
- Platinum, $1,475.40, Down $8.60.
- Palladium, $691.50, Up $9.50.