Morning Gold & Silver Market Report – 9/12/2013

POSITIVE ECONOMIC REPORTS OPEN DOOR FOR TAPERING

Gold and Silver prices fell this morning, with the former reaching a four week low, even with no new developments on the Syrian situation or quantitative easing tapering. Some analysts, such as Rhona O’Connell of Thomson Reuters GFMS, believe that tapering has already been priced into the market, though “that is not to say that you won't be getting a bit of a wobble as of when it is announced.” A slew of economic data is due tomorrow, and many analysts believe that strong reports would “seal the case for a reduction in monetary stimulus by the Fed in September,” as ABN Amro said in a note.

Stock futures are flat this morning. U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov are meeting in Geneva today to discuss Syria’s surrender of chemical weapons. The potential diplomatic solution has caused investors to be cautious not to overexpose themselves in a volatile situation. The weekly jobless claims report was better than expected, though the report was incomplete as two states did not process all the claims received.

At 9 a.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,329.90, Down $36.00.
  • Silver, $22.15, Down $1.04.
  • Platinum, $1,446.80, Down $27.70.
  • Palladium, $688.90, Down $1.40.

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Disclaimer:

APMEX’s ‘News and Commentaries’ 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.

US Dollar Prices are in USD

Precious Metal Prices
4/23/2014 3:04:25 AM EST

Metal Bid Ask Change
Gold $1,284.20 $1,286.20 $3.10
Silver $19.42 $19.52 $0.11
Platinum $1,394.40 $1,404.40 $4.10
Palladium $781.00 $786.00 $1.40
4/23/2014 3:04:25 AM EST

Click here for Historical Charts*All Charts are in USD


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