Closing Gold & Silver Market Report – 9/12/2013
TAPERING COULD BE ON HORIZON; SYRIAN TENSIONS EASED FOR NOW
Precious Metals continued their downward trend through afternoon trading. Economic data released today, which fueled speculation that the Federal Reserve will finally begin to taper it’s monetary easing program this month, along with no announcement of a strike on Syria, have continued to put pressure on metals. Sharps Pixley CEO Ross Norman said, “With things quieter on the Syria front and really not much to add on taper, the market is behaving quite technically just now and traders are very much studying the charts. “
U.S. Secretary of State John Kerry and Russian Foreign Minister Sergei Lavrov began talks on disarming Syria’s chemical weapons programs. While the agreement between Syria and Russia seems to be cooling things down in the region, many remain skeptical. Kerry said, “Expectations are high. They are high for the United States, perhaps even more so for Russia, to deliver on the promise of this moment. This is not a game and I said that to my friend Sergei when we talked about it initially … It has to be timely and implemented in a timely fashion, and finally there ought to be consequences if it doesn't take place." Historically, Precious Metals prices rise in war times.
At 4:15 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,322.70, Down $43.10.
- Silver, $21.78, Down $1.42.
- Platinum, $1,437.80, Down $36.70.
- Palladium, $689.00, Down $1.20.
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