Mid-Day Gold & Silver Market Report – 9/13/2013
DATA WATCHING CONTINUES TO PROVIDE PRESSURE
Precious Metals prices continue their downward trend through mid-day trading. Gold is down 5.4 percent for the week and suffered its worst week since June. Heavy selling linked to quantitative easing expectations and the situation in Syria have affected prices and many believe the Federal Reserve’s next chairman announcement will also affect prices. Managing director of IDEAglobal, Mike Gallagher, said, “In the coming months given that the new Fed chairman starts in January, the [former Treasury Secretary Lawrence] Summers effect, if it is announced, could be as dominant (as the Fed's tapering decision).”
Data released Friday showed U.S. consumer sentiment in September hit a five month low on concerns that higher interest rates will slow down the overall growth of the economy and put a damper on the housing market. With a solution still being worked out in Syria and the Federal Reserve still data watching, many economists are beginning to express concern over recent economic data. “This is not a good report. It is very obvious that Americans are still cautious and their mood has soured recently,” IHS Global Insight director of consumer economics Chris Christopher Jr. said. The uncertainty in today’s markets could have positive effect on Gold.
At 1:20 p.m. (ET), the APMEX Precious Metals spot prices were:
- Gold, $1,311.10, Down $21.50.
- Silver, $21.72, Down $0.46.
- Platinum, $1,445.10, Up $1.40.
- Palladium, $698.20, Up $6.40.
APMEX’s Account Managers now have extended hours Mondays through Thursdays and are here to serve you until 8 p.m. (EDT)! Or call us Fridays until 6 p.m. (EDT)! If you have any questions about investing in Precious Metals or simply would prefer to place your order by telephone, we are here to help.