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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.

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Disclaimer:
APMEX’s ‘Market Reports’ 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.

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