Weekly Gold & Silver Market Recap – 9/13/2013


As the week began, there were strong factors affecting Precious Metal prices such as the possibility of military action against Syria and the upcoming Federal Reserve meeting, which could provide a date to taper fiscal policy.  Monday prices remained flat as the market prepared for additional information regarding how the U.S. would approach Syria.  President Barack Obama attempted to encourage Americans to have confidence in the decision for military action against Syria, as addressed the nation Tuesday. Syrian President Bashar al-Assad delivered a direct threat through a CBS interview broadcast Monday confirming that consequences from a U.S. strike could provoke terrorist attacks. “You should expect everything,” Assad said. “Not necessarily from the government. The government is not the only player in this region. You have different parties, you have different factions, you have different ideology.”  Commerzbank shared their strong belief the Fed may announce a date to taper monetary policy as early as the next policy meeting. “The idea that an exit from ‘QE3’ might begin next week is by no means off the agenda yet in the eyes of market participants, which is likely to make it difficult for Gold to rise above the $1,400 per troy ounce mark in any lasting fashion over the next few days,” Commerzbank commodity analysts wrote.


On Tuesday, Precious Metal prices dropped as the U.S. dollar began to trade higher after U.S. Secretary of State John Kerry stated if Syria gave up its chemical weapons, it could avoid a military strike. With tensions temporarily eased, Gold and Silver prices fell when Russia publicly supported the proposal, which would be a “breakthrough,” according to President Barack Obama.


Gold experienced a 1.6 percent drop Tuesday as the pressure for military conflict diminished and Gold’s safe haven appeal slightly diminished. The Gold price traded mostly flat Wednesday while Silver, Platinum and Palladium prices gained some lost ground after President Barack Obama’s speech on Syria Tuesday evening. Obama said he would explore the Russian-supported diplomatic solution of Syria giving up its chemical weapons. Danske Bank analyst Christin Tuxen said, “The fact that the Syrian situation is all back to a diplomatic solution is something that is not really supporting Gold or crude oil right now and the moves lower seen in the past sessions were merely due to that.”


Gold and Silver prices fell Thursday morning, as another round of uplifting economic data had most analysts convinced the Federal Reserve will likely announce an initial reduction in the level of monetary easing. “Today’s data is another nail on the coffin, and people expect the announcement on tapering to come next week,” Frank McGhee, head dealer at Integrated Brokerage Services LLC, said. Gold futures fell more than 2 percent as tapering expectations gave way to an onslaught of selling once the price broke below key technical levels. 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 very much studying the charts.” Investors and analysts will continue to look to the next Fed policy meeting to see if Gold can hold above new support levels should an announcement of asset purchase tapering be declared.


Precious Metals prices continued their downward trend Friday. Gold was 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 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).”

At 5:15 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,329.60, Down $3.00.
  • Silver, $22.31, Up $0.14.
  • Platinum, $1,455.00, Up $11.30.
  • Palladium, $701.50, Up $9.70.

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.

« Return to Commentaries


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
4/17/2014 5:15:48 PM EST

Metal Bid Ask Change
Gold $1,294.60 $1,296.60 ($8.90)
Silver $19.60 $19.70 $0.02
Platinum $1,405.70 $1,415.70 ($22.10)
Palladium $792.10 $797.10 ($6.20)
4/17/2014 5:15:48 PM EST

Click here for Historical Charts*All Charts are in USD

Sell To Us

Selling your bullion or collectible coins is very easy and safe with APMEX! We are one of the largest gold & silver dealers in the country. Read More

APMEX Reviews

Just a short note, I've been dealing with you for several years your products are excellent customer service top shelf, packaging delivery top notch, and a easy fun website to look at.

Kevin | January, 2014 View All

As seen on...