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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